When you open Windows Explorer in Windows 7, it opens the Libraries folder by default. You can change the default startup folder using the Windows Explorer shortcut properties, as you did in earlier versions of Windows. Note that you cannot change the default start folder if you’re using WinKey + E to launch Explorer.
In Windows 7, right-clicking on the Windows Explorer Taskbar icon will show the Jump Lists. To access the shortcut properties, hold the SHIFT key down, right-click on the shortcut and choose Properties. Rest of the procedure is the same as in other versions of Windows.

To change the startup folder to (My) Computer, use this target path:
Where the GUID {20D04FE0-3AEA-1069-A2D8-08002B30309D} represents the My Computer folder.
For Documents folder, use this target path:
You may also suffix the full path instead of using GUID. For example,
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It is much simple than that.
Simply change %SystemRoot%\explorer.exe by C:\ or D:\MyFolder.
This has the advantage that it does not create another Explorer process.
Cheers
The original solution now works with Win7 64bit, must be thanks to some update. However it’s kind of slow to open the desired location, an instant solution is this: http://www.windows7hacker.com/index.php/2010/02/how-to-pin-folders-in-windows-7-taskbar/
dano : This solution is indeed simple, but it still creates a new process everytime you open Explorer… Is there a workaround that doesn’t create a new process?
This allows you to customize the Win+E keystroke: http://lifehacker.com/5300059/make-win%252Be-open-the-folder-of-your-choice
Read what it says, then click on “For more, check out how to turn any action into a keyboard shortcut”.
If holding shift doesnt work, try unpinning explorer from taskbar, creating a new shortcut on desktop with the above path(s) and pinning that shortcut to the taskbar. You can safely delete the shortcut afterwards.
How about to your user folder? Say: Bill or Ryan the parent folder of My Documents?