In Snow Leopard, hovering the cursor over an item in the dropdown Spotlight would display a tooltip-style path. But this doesn't happen in Lion, or can it be selected to display?
Hover the cursor over the result, hold down the command button, and watch the magic at the bottom of the quick look.
This did it for me, thanks for that.
Odd that a system search function won't tell you where the actual file is... that is, without a little extra nudging.
Retrieving data ...