PBFolderDialogDemo (source included with component) is a standalone exe-file that lets you set the properties of PBfolderDialog component at runtime before executing.

A snapshot tells it all:

The component works in all Windows versions. When the 'NewDialogStyle' flag is set the component will automatically switch to traditional style when run on old systems.

A snapshot of the component in action (danish captions on Windows XP and 98):

PBFolderDialog correctly shows mapped drives as well as other network folders, including webfolders.

You can even set the root folder to prevent users browsing the local drives like I have done in the first snapshot:

When the selected path is shown, it will automatically be truncated if necessary, resizing the dialog will make this path grow/shrink as shown here on a danish Windows 2000: