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Most of the time workspace directory in the file system is used to store all eclipse (PDE/JAVA or OTHER) projects, its is quite possible that new projects are created outside the IDE (copied, unziped or whatever), only way eclipse comes to know about them is by using IMPORT EXISTING PROJECTS INTO WORKSPACE option, Even though this option is useful it still requires few clicks/selects to get the projects added outside the IDE into the workspace. Option should be provided both as API as well as context sensitive menu where in using "REFRESH" in Workspace in either "Navigator" or "Package Explorer" will scan through the workspace dirctory and will automatically import (or gives option to refine the selection further) all valid projects found in the file system workspace directory into the IDE workspace
The wizard should just open with the current workspace location filled in as root directory by default.
"As per http://wiki.eclipse.org/Platform_UI/Bug_Triage_Change_2009"
Both Project Explorer and Navigator supports 'Refresh' in the context menu now. If that is not what you have asked for, please reopen this bug explaining your use case