Damn, this view sucks!
After a IE update (or whatever) your Explorer Folder Pane is gone. To solve this problem, you need to edit the Registry:
The Default value for this key points to the file which builds the Explorer Band. That file is either Shdocvw.dll or Browseui.dll. The file varies according to which version of Internet Explorer is installed. If this entry is not correct, the Pane will not be built.
Internet Explorer 5.5 uses Browseui.dll
All other Internet Explorer Versions use Shdocvw.dll
After you changed the Registry Key, Logoff or kill the explorer.exe task.
OR instead of edit the Registry you could do:
c:> regsvr32 /i shdocvw.dll
c:>regsvr32 /i browseui.dll