If you want to see the full path where is located a file or folder from the Web Interface of Google Drive (e.g. from the Activity panel), simply select the file by checking it:
Updated 20/02/2014 to reflect changes of the new version of Google Drive :
Click on the Activity and Details button and select the Details tab :When the file is selected, click on the Preview button on the top bar:
Some information about the file will be shown, as well as the folder where is located the file:
If you click on the folder name, you will enter this folder and the full path will be shown on the top of the screen: