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In Windows XP, a powertoy existed to add a "Open command window here" to the shell of the explorer. This way, you could easily open a command window on any location.
In Vista, this option is appearantly available right out-of-the-box! By SHIFT-rightclicking on a directory, 2 extra options are added to the menu: "Open command window here" and "Copy path".

Handy, isn't it?!