Long hierarchically structured URL's

I would be interested in some opinions on the effectiveness of hierarchically structured SEF URL's vs shorter SEF URL's. eg.

http://shop.com/usa/west/new-york/manhattan-island/pawnbrokers/bobs-pawn-shop

Code (markup):

vs

http://shop.com/pawnbrokers/bobs-pawn-shop

Code (markup):

vs

http://shop.com/bobs-pawn-shop

Code (markup):

Do the meaningful keywords in the URL increase the page relevance? Or is it only the keywords in the page content that will increase it?

Thanks.

 

A few years back KW's in URL meant more but nowadays it means very little.

 

I would still prefer to use the KWs in URLs as they not only help in localizing the search but also help the website to appear in more relevant searches.