How to use keyboard shortcuts to navigate the OS X Finder sidebar?

I don't believe it is possible, the only shortcut I can find for the sidebar is CmdT which adds a shortcut for the current selected item to the sidebar.

Another solution is to hit Cmd↑ to move to the 'enclosing folder', which will take you around the file system.

I've been looking and looking for an answer to this too. I can't find an answer (in Snow Leopard at least, don't know about Lion).

The best work-around I've found is this:

• Create a "Shortcuts" folder anywhere
• Drag that into the Sidebar
• Create Aliases for the folders you have in your Sidebar and move them into your Shortcuts folder
• Open Sidebar Preferences (right-click anywhere in the Sidebar)
• Go to the 'General' tab
• Change 'New Finder windows open:' to your Shortcuts folder.

This way, every time you launch a Finder window, you'll be inside Shortcuts and have access to your favourite folders with the keyboard.

YMMV... Obviously this requires you to manage a different set of shortcuts... But possibly it'll help until Apple address this problem (I've submitted a bug report too, surely this is a bug).