In earlier versions of Windows, there were hacks to open a Command Prompt window to the current location of a Windows Explorer window. However, Microsoft added native support for this shortcut in Windows 7:
Simply hold the Shift key and right-click on the desired folder. Then click Open command window here. Magically, a Command Prompt window will appear, pointing to the path or location you selected.
This beats manually typing long paths or copying and pasting it.