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You may like this part even more: you can use that as a navigation tool. Click on one of the folders in the path and you'll get a new Finder window opened to the selected spot. Also, you can drag the icon to another application (such as the dock icon for Mail) to attach or open the file, or if you have the standard open file dialog open in one app, you can drag and drop the icon there to "jump" the dialog box to the same directory that contains your open document, which is handy if you want to save a file from a different app in the same place.