{* Constructed by Nathaniel Robertson (http://twitter.com/robertson_n) (http://forum.cmsmadesimple.org/index.php?action=profile;u=20682) with some help from CMS Made Simple forum member blue_francis14's version.
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Use the class .currentpage (no period, that's just the way you'd put it in CSS) to style the display of the menu item for the current page. Use .menuitem to style the other menu items (but not the current page). If you want to style the pipes (or whatever delimiter you change it to), create a span with a class name around them.
*}

{if $count > 0}
{foreach from=$nodelist item=node name=foo}

{if $node->current == true and $smarty.foreach.foo.last == true}
<span class="currentpage">{$node->menutext}</span>

{* more things  go after here *}

{elseif $node->current == true}
<span class="currentpage">{$node->menutext}</span> |

{elseif $smarty.foreach.foo.last != true}
<a href="{$node->url}"><span class="menuitem">{$node->menutext}</span></a> |

{else}
<a href="{$node->url}"><span class="menuitem">{$node->menutext}</span></a>

{* more things stop here *}
{/if}

{* end of script around here *}
{/foreach}
{/if}