As most people realise now, in Lion the Library folder is missing when you browse around. It's not gone completely just hidden from the average user. Well there are a couple of ways you can access this library folder. This will come in handy shortly for a tip I have coming up for iCloud and your documents.
I have a two ways for you to do this, one is a temporary solution and the other a permanent solution(well I say permanent but you can reverse the setting) for viewing your Library folder.
Temporary Solution
If you want to just view the folder one time, or on a rare occasion then, in the Finder click on the Go menu, once you do you have a screen like the one below. As you can see currently there is no Library.
When you have this, all you need to do is press the Option key (looks like the symbol below) and then you will see the Library option.
So from here if you click on it, it will then open your library folder.
Permanent Option (Well as permanent as you want it to be)
Now for this step you will need to load the terminal, if you are not comfortable using the terminal then stick with the option above for occasional use.
If you do want to have regular access to it, once you have loaded terminal type
chflags nohidden ~/Library
The ~ represents your users home directory.
If you now in Finder navigate to your Home Directory as you will see the Library Folder.
If you decide you don't want it visible anymore, then go back into terminal and type
chflags hidden ~/Library
And it will disappear from your finder window.
I am always interested in feedback so please feel free to add any comments, or you can mail me here. If you would like to submit a quick tip with full credit and links back to your site then also feel free to contact me.