actually i tried to share new Windows 7 folders which did not exist as part of my previous XP install but that had no result whatsoever - when trying to browse the PC from Zensonic it says '0 shares found'.
all these Windows 7 shares are visible and accessible from another XP machine on the network and that connects using Guest account, so it must be some sort of a mismatch between Zensonic and Windows 7. in addition to this exactly the same shares are still accessible from Zensonic when connecting to XP (i have dual boot with separate drive for the shares).
so basically it goes like this
Zensonic (HOMENET workgroup) -> XP \\HOMEPC\music on HOMENET - no problem browsing or accessing!
Zensonic (HOMENET workgroup) -> Windows 7 \\HOMEPC\music on HOMENET - don't see the share
Zensonic (HOMENET workgroup) -> Windows 7 \\HOMEPC\test (didn't exist on XP) on HOMENET - don't see the share
XP (HOMENET workgroup or other workgroup) -> Windows 7 \\HOMEPC\music (or \\HOMEPC\test) on HOMENET - no problem browsing or accessing!
but
Zensonic (HOMENET workgroup) -> Windows 7 \\HOMEPC\music (full path bookmarked on Zensonic) - can access with no issues!
so basically the problem is in browsing the shares on \\HOMEPC. it's totally confusing !!