Jeff,
Great. I am glad this innocent question had spurred an interesting discussion!
I agree that you do not want to browse to where a page is ultimately located to start working on it. This is more of a large web site model than a small web site model that ETP works for.
The old CMS package seems to support this type of operation while still also maintaining a folder/site-map concept.
This is also why we need a fleible API to build a CMS user interface. The base tools should support both of these and more user models.