At first I thought I missed an option somewhere, but now I have to admit : Microsoft removes the "Go to parent folder" button in the Windows 7 version of Explorer.
I like their new implementation of folder path, but a fast click to go up one level, positionned in a consistent way in the UI is a plus.
After some research I found the
Alt + Up keyboard shortcut to achieve the same result, but while navigating through the explorer, I always am using my mouse. Switching from mouse to keyboard is tedious, so I hunt for another solution.
I finally installed ClassicShell that adds the missing button as well as some other minor cosmetics changes.