This is a good usability feature, the dropdowns add real value. I don;t care for combining the bookmarks in the address bar too much, as this simply makes it too crammed.
It should _not_ however treat the querystring the same way as the other parts of the URL, as the qs variables are really not "levels" but just a flat list. IMO anything after the file name must remain the way it was originally; e.g. foo.com > search.html?category=antiques&item=Clock&pages=3
Or you can add more value by providing a collapsable editable listbox with querystring items. Also in-page anchors (#) should probably have a different character than > and the URL should not always end with > because you do not know whether you are looking at a directory or a document. 4 points though for the very useful features within the main part of the URL. It would be nice to have some proper chevrons (instead of using the ugly characters > and v)
I highly appreciate your input. As far as querystring is concerned, an address for a page can have all sort of complexities, for ex. in any forum, that querystrings actually do refer to levels i.e. Main forum>Sub forum>Post>(Reply/comment). That is why the querystring is greyed out a little. I'll think of something more useful. About the editable listbox suggestion, I will look further into it and certainly consider it for the next major version. I will see whether the chevrons are supported in all types of encoding etc. (I had better symbols for both > and v but they were showing up once inside the urlbar)