Adobe has published a sizable list of issues with Adobe products running on the newly released Mac OS.  They also mention the now hidden user library folder:

Files stored in Library

In Mac OS 10.7, Apple has made the user Library folder hidden. Preferences, presets, and other user customization settings are stored within this Library folder.

To access your user Library folder:

  1. In the Finder, choose Go > Go To Folder.
  2. In the Go To Folder dialog, type ~/Library
  3. Click Go.

Power users will probably want to change the Library folder so it’s visible again.  As with any major update like Lion, I recommend treading lightly on the machine you use to earn your income.  Give Adobe (and Apple) some time to work out their issues before you jump, as tempting as it might be.

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