Thought I might throw this into the mix. This is based on Davelab6's example above, with a few improvements. The active class is set by the last entry in the loop - also contains permalinks for each crumb.
I haven't tested it with posts yet - but it should work. Let me know if any issues.
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{% assign crumbs = page.url | split: '/' %}
{% assign crumbs_total = crumbs | size | minus: 1 %}
{% for crumb in crumbs offset: 1 %}
{% if forloop.index == crumbs_total %}
- {{ crumb | replace:'-',' ' }}
{% else %}
- {{ crumb | replace:'-',' ' }}
{% endif %}
{% endfor %}