Alt+Up does the same thing as clicking on the previous item in the breadcrumb bar. My issue is when the previous item in the breadcrumb bar isn't the the folder up from where I am. Does anyone know how to go up a folder when this is the case?
I discovered ClassicShell. Not only does it offer the "Up" button, but a plethora of other features and it is freeware. I have only used it for one day but from the looks and ease of use... I'm pleased.