*edit* but as Jacques (links to French blog janel) pointed out to me in the comments, this is only valid for the PowerShell so you can not use it to map a drive and use it from the CMD prompt or the GUI (what is a big difference ) but if you use it in the powershell it has a lot of power as naming the drive with more letters, a path, or mapping to a registrykey.
New-PSDrive HKCR Registry -root
HKEY_CLASSES_ROOTor a registry path e.g. the PowerShell configuration
New-PSDrive PsConfig Registry -root
HKLM:\software\Microsoft\powershell\1\ShellIds
and ofcourse as mentioned an UNC path :
just type new-PsDrive and you can make an PowerShell drive of a Networkshare :October 2005 November 2005 December 2005 January 2006 February 2006 March 2006 April 2006 May 2006 June 2006 July 2006 August 2006 September 2006 October 2006 November 2006 December 2006