If you've enabled the Path Bar (View » Show Path Bar), you can do more than just click it to jump to a given spot in the hierarchy. Try a control-click on any entry in the path display, and you'll get a pop-up menu allowing you to open the selected item, open its enclosing folder, or open a Get Info window. This makes the Path Bar a lot more functional.
[robg adds: Some may consider this obvious, but I'd never thought about control-clicking on it, so I figure a few others may have missed it as well.]
Mac OS X Hints
http://hints.macworld.com/article.php?story=2007102810351118