Anyway, here's patch-1.5.8.hr.sensible_browser_position.3:

--- mutt-1.5.8/menu.c.orig	2005-02-12 21:01:55.000000000 +0100
+++ mutt-1.5.8/menu.c	2005-03-09 16:39:49.000000000 +0100
@@ -841,8 +841,12 @@
 
 int mutt_menuLoop (MUTTMENU *menu)
 {
+  static int last_position = -1;
   int i = OP_NULL;
 
+  if (menu->is_mailbox_list && last_position >= 0)
+    menu->current = last_position;
+
   FOREVER
   {
     if (option (OPTMENUCALLER))
@@ -1068,6 +1072,8 @@
 	break;
 
       default:
+	if (menu->is_mailbox_list)
+	  last_position = menu->current;
 	return (i);
     }
   }
--- mutt-1.5.8/browser.c.orig	2005-02-03 19:47:52.000000000 +0100
+++ mutt-1.5.8/browser.c	2005-03-09 16:48:31.000000000 +0100
@@ -54,6 +54,7 @@
   int num;
 } FOLDER;
 
+static char OldLastDir[_POSIX_PATH_MAX] = "";
 static char LastDir[_POSIX_PATH_MAX] = "";
 static char LastDirBackup[_POSIX_PATH_MAX] = "";
 
@@ -498,19 +499,38 @@
   menu->tagged = 0;
   
   if (buffy)
+  {
+    menu->is_mailbox_list = 1;
     snprintf (title, titlelen, _("Mailboxes [%d]"), mutt_buffy_check (0));
+  }
   else
   {
+    menu->is_mailbox_list = 0;
     strfcpy (path, LastDir, sizeof (path));
     mutt_pretty_mailbox (path);
 #ifdef USE_IMAP
-  if (state->imap_browse && option (OPTIMAPLSUB))
-    snprintf (title, titlelen, _("Subscribed [%s], File mask: %s"),
-	      path, NONULL (Mask.pattern));
-  else
+    if (state->imap_browse && option (OPTIMAPLSUB))
+      snprintf (title, titlelen, _("Subscribed [%s], File mask: %s"),
+		path, NONULL (Mask.pattern));
+    else
 #endif
-    snprintf (title, titlelen, _("Directory [%s], File mask: %s"),
-	      path, NONULL(Mask.pattern));
+    {
+      char *p = strrchr (OldLastDir, '/');
+      if (p && p - OldLastDir == mutt_strlen (LastDir) &&
+	  mutt_strncmp (LastDir, OldLastDir, p - OldLastDir) == 0)
+      {
+	/* If we get here, it means that LastDir is the parent directory of
+	 * OldLastDir.	I.e., we're returning from a subdirectory, and we want
+	 * to position the cursor on the directory we're returning from. */
+	int i;
+	for (i = 0; i < state->entrymax; i++)
+	  if (mutt_strcmp (state->entry[i].name, p + 1) == 0)
+	    menu->current = i;
+      }
+      snprintf (title, titlelen, _("Directory [%s], File mask: %s"),
+		path, NONULL(Mask.pattern));
+    }
+
   }
   menu->redraw = REDRAW_FULL;
 }
@@ -685,7 +705,6 @@
 #endif
 	    )
 	  {
-	    char OldLastDir[_POSIX_PATH_MAX];
 
 	    /* save the old directory */
 	    strfcpy (OldLastDir, LastDir, sizeof (OldLastDir));
--- mutt-1.5.8/mutt_menu.h.orig	2003-10-04 21:29:27.000000000 +0200
+++ mutt-1.5.8/mutt_menu.h	2005-03-09 16:39:49.000000000 +0100
@@ -46,6 +46,7 @@
   int offset;	/* which screen row to start the index */
   int pagelen;	/* number of entries per screen */
   int tagprefix;
+  int is_mailbox_list;
 
   /* Setting dialog != NULL overrides normal menu behaviour. 
    * In dialog mode menubar is hidden and prompt keys are checked before