Default value: "C:\Documents and Settings\ctodd\My Documents"
Two-pane value: %SystemRoot%\explorer.exe /e, "C:\Documents and Settings\ctodd\My Documents"
NOTE: ctodd is my Windows username
You can use the same format for any folder path. Right-click on the Desktop and select New | Shortcut. A wizard will launch where you can select the folder path followed by a name for the shortcut. Once your new folder path shortcut is created, right-click as before, and use the same format for the two-pane view above. There are also some additional switches you can include
/n: forces single-pane "My Computer" view
/e: forces two-pane "Explorer" view
/root: sets the root to the specified path, instead of the default Desktop
/select: selects the specified path (folder is not open)