Hey guys I finally figured this out. What you will need to do is download Saman WM5NewMenu from here
http://www.saman-cz.com/ppc/nmnovrw.html
Go into the setup and click "add" on the right side of the application. give it a label name of "Storage Card" or "Card". (this is how it will appear in the New soft key menu).
Next click on the "..." and browse to \Windows\fexplore.exe
In the parameter box type \Storage Card.
Click confirm and then ok to exit. (may have to soft reset). Now if you click the NEW softkey (replaces the Calendar key from the app installed mentioned above) you should see your "Card" or "Storage Card" label. Click it and Voila! you're browsing your storage card.
Also note: Since the OS tends to remember what folder you opened last this hack/workaround/map does not interfere with it. I.e. if you had \My Documents opened last and used the new menu Card button it will open the storage card directly but when you use file explorer on its own it will open to My documents again like you left it. Enjoy!