NTFS supports metadata for files that are stored in NTFS extended attributes. This includes Title and Comments. Sharepoint 2007 may read this data and use it, but I primarily use it as a modern version of the Dirnotes.com utility PC Magazine created for PC/MS-DOS in the 1980s. 
To display title and comments in file view RMClick on the explorer column title bar and select the attributes you want to see. Then set all folders to the same view.
There are some problems with these EAs. WinZip, at least by default in the version I have, doesn't zip them up. Some backup software will ignore them. The workflow for creating and editing them is very awkward (right click, properties, click tab, edit).
Today I discovered a feature however. If you view Favorites with comment enabled, you see the path to the original. That's handy.
Now if only someone would create a drag and drop utility such that if I dropped a Favorite on it I'd see the original pop up. Hmm. I wonder if there's a way to do this using ancient DOS Batch files ...
 Update 5/21/09: This may have unexpected consequences esp. on Windows 2003 server -- due to a very dark and old Microsoft hack.