This user right determines which users can traverse directory trees even though the user may not have permissions on the traversed directory. This privilege does not allow the user to list the contents of a directory, only to traverse directories.
This user right is defined in the Default Domain Controller Group Policy object (GPO) and in the local security policy of workstations and servers.
Computer Configuration\Windows Settings\Local Policies\User Rights Assignment
Default on workstations and servers: Administrators Backup Operators Users Everyone Local Service Network Service Default on domain controllers: Administrators Authenticated Users Everyone Local Service Network Service Pre-Windows 2000 Compatible Access
At least Windows XP SP2, Windows Server 2003
User Rights security settings are not registry keys