The breadcrumb above the Content pane shows you the path you have taken to navigate to a particular device. But the breadcrumb is more than just the path. From Device view, you can use it to move back up to the group level or device type level. For example, if you want to return to Group view in order to select a different one of a group's devices, click the group's name in the breadcrumb.
You can also use the breadcrumb to "export" a device's URL. Click on the device's name to open the Export URL dialog, where you can see the full URL for the device. With this feature, you can give the URL to another user or save it for your own use later. To do this, highlight the URL on the dialog, copy it, and paste it to another application.