the 'recent' screen has some 20 recent files on the left side and some 20 recent folders on the right side. I find that at least just as good as the old way of doing things.
Am in the process of moving from excel 2003 to 2010.
In 2003, in the file open window, in the left hand pane, are a number of icons.
I frequently use 'recent documents', 'desktop' and one I added myself called 'shortcuts'
Can I replicate this functionality in 2010, as I can see myself spending ages browsing for files and wishing for the good old days.