Mear|in: As long as no one knows how that button works even a module won't be able to replace it. There appears to be no documentation whatsoever. We do not know what the button does, which API(s) it calls, etc. It must be some Explorer function that LS doesn't implement, but we have no clue what it is.

And it's hard to write a module that offers this functionality if you don't know what to write or how to expose it to IE. ;) Sure I could write a module that (given a path) opens a folder window. But how do you get IE to use that module?