The Microsoft boys must have heard ya because here it is on your context menu!
It doesn't work in XP but… now it is an option, in Windows Vista.
What you need to do is hold down the shift key, while right-clicking the file or folder...
Choose the Copy as Path from the menu. Here is whats on the clipboard after clicking copy as path:
Note: This will also allow you to copy the path of a folder to the clipboard. This becomes VERY handy in grabbing a long path and definitely can save you a few clicks.
Anyone have a way to add this functionality to XP?