This is a really good idea (I'm just getting onto this thread in May, 2016), though, as you said, it takes some time if you have several directories with which to work.
The key slowdown, from a human factors point of view, seems to be "navigate." For me, it seems that, whenever I have to navigate, it really means re-navigate (since I often have the folder/folders with the documents already open in an explorer window), which
takes time that adds up to an annoyance.
I get it that the old fashioned ON 2010 functionality is difficult to replicate in a OneDrive/cloud setting. Why not leave it as a local function only until a cloud implementation can be developed.
Sometimes, the goal of moving functions to the cloud becomes an end in itself - I've been there myself: when I master something, I start to try to apply it everywhere...