
From Hotmail.
Another variation on the decorated folder: Back of the envelope (literally) means incoming. Front of the envelope means outgoing. Interesting but arbitrary. Junk and Trash icons play off the recycle bin icon in Windows, but don't have the folder behind them like the other icons here (this might not be a bad thing). Two points here. 1) They're not really the same thing, so they could probably use different icons. 2) Why are they so far apart if they do sort of the same thing? Again we find the pencil draft icon, this time with its friend, paper.
Overall, just okay and the text/icon size could be increased a bit.
Oh and can you guess what the << thing does up top? I couldn't. It minimizes the folder pane down to a >>, giving you a larger message area.