It *is* an Explorer window.

I have another project that reimplements all the features from scratch-- not easy to replicate the property display/editing ability-- that looks closer to Windows 7 as that was what it was primarily developed on; but this uses the IExplorerBrowser COM object, which lets Windows create an actual Explorer frame on your form with very little code.

See this project for a simpler version (not a UC) in VB6:
[VB6, Vista+] Host Windows Explorer on your form: navigation tree and/or folder

There's any number of reasons you might want a persistent file display on a form; this allows a much more feature-rich version than a simple list, or a ListView (without the extensive work of something like ucShellBrowse). Also allows creating open/save dialogs with a far higher level of customization.