File path is clickable in the address bar, and drive lists are on the left-hand panel. Drive letters have a small arrow next to them for folder browsing.
Slightly better control than "Explore" in WinXP.
These are default options.
You can also enable file tree viewing in the Folder options menu, now called "Organise". It toggles the folder view on and off, simulating the Explorer look with the folder tree.
Your nick is microsoft, surely you knew all this?