Maybe I’m the last one to find out, but apparently Windows 7 has had an Open command window here button hiding this whole time! Most non-Windows operating systems will have a context menu item in their desktop environments that allows you to open a command prompt or shell with the working directory set to the folder you’re viewing or selecting. Anyways, the trick is:
Shift+Right Click and boom! Now there’s the Open command window here option.
Update: I created a .reg file that will automatically enable this (so you don’t have to hold
Shift anymore!) You can get it here.