While trying to recover some files from the Library folder on my Time Machine Backup tonight I discovered that the Library is hidden by default in newer version of Mac OS X. There are two ways around this: 1) Use the Cmd+Shift+G shortcut to open the location of the Library folder. 2) Show hidden files. I chose option two.
To show hidden files in Mac OS X open the terminal and type in these two lines:
defaults write com.apple.finder AppleShowAllFiles YES
This will set the show all files flag to yes and restart Finder. Sick of seeing all those hidden files? Simply repeat the process above, replacing YES with NO.