Rak,
nope, I mean the arrow at the end of the address bar. (far right) The one you are talking about shows recent places but only recenly visited FOLDERS, not files.
Drew,
I already have those checked. Yes, that gives you a list of recently opened files from the start menu, but NOT from explorer. WHy does that matter you may wonder? For example, I may want to attach a recently worked on file to my email. When explorer opens to browse files, its very handy to have a link to that recently worked on file right in the drop down, instead of having to browse through several folders for it.
I have posted on many forums and no one can give a definite answer to whether or not this feature exists in Windows 7 explorer or not.