I wanted the ability to be right click within windows explorer to enable me to run powershell from where I was in Windows explorer.
The following registry change enabled me to do just that:
Windows Registry Editor Version 5.00
[HKEY_CLASSES_ROOT\Folder\shell\PowerShell Here\command] @="\"C:\\WINDOWS\\system32\\WindowsPowerShell\\v1.0\\powershell.exe\" -NoExit -Command Set-Location -LiteralPath '%L'"
This also works with Windows Server 2008 R2 and Windows 7.
Here is a screenshot of what it looks like after the change and you right click from Windows explorer: