Mac OS X lets you navigate folders with the arrows, but I can't seem to find a way to open the highlighted file. Windows just works with Enter / Return. I can only seem to preview it with the spacebar...
I feel... stupid! :)
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Cmd + ↓ (Down Arrow) work too.
See also Enter to open a file in Finder
You can also use Space or Cmd+Y to preview the file using Quick Look.