Hi Dave,
Have I got good news for you:
There are a couple of ways to do what you want:
The first is the most straightforward, and is already in Windows 7 (and Vista for that matter):
1. Highlight one or more files for which you'd like to know the path in Explorer.
2. Hold down the shift key, and right-click any of the highlighted files.
3. When the context menu pops up, left click on the Copy As Path entry that has magically appeared because you're holding the shift key down.
A slightly better method, IMO, though it takes a little extra work is to add an extension to the Send To menu to allow you to right-click on a file or files and choose Send To -> Clipboard (as Name). To me this somehow seems more convenient, as I got used to the PowerToys way back when. One such extension, that also adds a nice control panel applet to help you manage the Send To menu, is a neat little freeware package called Send To Toys, by Gabriele Ponti, which can be downloaded from here: http://www.gabrieleponti.com/software/index.html#sendtotoys
A nice feature of the Send To Toys program is that you can even have it put quotes around any file path that contains blanks. Handy indeed!
Hope this helps!
-Noel
P.S., A DOS-like command line tool is still (and has always been) available. In the Start menu choose: Start -> All Programs -> Accessories -> Command Prompt. Or you can just run: CMD.exe