The MRU is not stored in the \Recent folder in any of the versions that I have examined.
As a side note, the \Recent folder contains shortcuts to drawings that have been opened by the application and/or used as block storage. If you move, delete or rename the drawing that the shortcut points to, the next time you open a moved or renamed drawing, a new shortcut is created in that folder and the original one stays intact. This means that there may be shortcuts to nowhere numbering into the hundreds, if not thousands on systems where the user regularly copy, move or rename files. In fact, if the user has never cleared this folder but has used AutoCAD for some time, the number of phantom shortcuts possible become mindboggling.
Also, consider that upgrades to newer versions don't remove the recent folder, it is possible to have shortcuts that were created by versions as old as 2004 while using 2011 ... i.e. you could have 8 versions spanning 8 years of shortcuts for every drawing you ever opened, presuming you still have the same profile and/or computer.
It is the same as "My Recent Documents" in the menu. If you look at the recent documents menu item in XP for example, you might see 10 to 15 documents listed, however, if you browse to C:\Documents and Settings\%username%\Recent you will find many many more ... in my system alone, I show 15 in the recent documents list, but 261 shortcuts exist in the folder.