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Not that I'm aware of.
In a later version of AE you could certainly use a script to do the calculation for you.
No, there is no such function. If you need something like that, create an expression on a text layer or use a script that measures these things. for expressions it would use the time indicator to detect the nearest keyframe and previous/ next one, if it really needs to be based on selection states, only scripts can offer that.
Andrew, Mylenium -
Thank you both for your input. Now I can stop right clicking everything on the time line looking for that calculation ;-)
FWIW, you can do this in After Effects CS4.
"Alt-click (Windows) or Option-click (Mac OS) two keyframes in layer bar mode to display the duration between them in the Info panel."
Oooh, nasty. So much for "discoverability". Off to file a feature request.