If I open explorer.exe first, then run cmd.exe, the init path for cmd.exe would be same with current path in explorer.exe
If you're using Vista/7 then try Shift + Right Click on the folder and Open Command Window Here
I never seen something like that. That would be so cool.
Otherways you could just add a "Open commmand prompt here" shortcut on the right click menu http://www.petri.co.il/add_command_prompt_here_shortcut_to_windows_explorer.htm