The directory that contains a lot of personal settings for your account (Library) is automatically hidden under Lion. You can easily navigate to it using the Terminal.
cd ~ cd Library
However, the Finder has evolved for a reason, and it’s better just to permanently unhide it by issuing this command in the Terminal.
chflags nohidden ~/Library
Here, the tilde (~) means your Home directory. This command will also work for any other hidden directories, like the Library in the root directory, if you specify that file instead.
Thanks to CNET for hosting this very useful tip.