This is one of those controls where a picture (in this case an animated GIF) is worth a thousand words. Click to enlarge the image.
In essence, the control replicates the breadcrumb display of Windows 7’s Explorer. You can use the editor to navigate through some tree hierarchy of names – in the demo, your file system – with the ability to select components of the path as a drop down and select subcomponents. You can also use the editor to type the path, and the control will display possible matching paths.
This control will be available in v2011 vol. 2, and will come with the example DevExpress Explorer demo from which this animation was captured.