You can also do the same for your "public" folders this requires a slight registry tweak.
This works for win7 64bit (confirmed) just did it for a client.
How-To-Geek: Move the Public Folder in Windows Vista
1. show hidden files and folders
This is done by opening a folder and clicking on "Organize" in the toolbar "Folder and Search Options". Then click "view" tab then click the radio button "Show hidden files, folders or drives". Then click OK.
2. Go to your pub folders. C:\\Users\\Public
Copy all the folders there to the new location.
3. Start menu -> type regedit in search bar and hit enter and agree to UAC. Browse to:
click on the "Public" entry and change the address to the new location. Close regedit.
4. Reboot then check the registry is still the same. Follow point 3 again.
Then browse to the old public folders and delete them, reboot, you're done.
Point to note:
While this worked, it was not as easy to connect to the folders as regular public folders.
Typically when on the same network as a computer and "network discovery" is turned on and the correct settings for "allow users to read/write public folders" is on and "password sharing" is off. Then you have access to others folders (assuming they also have the same settings). However I noticed it would not let me read and write to the folders until I connected the computer to my "Homegroup". Which was as simple as typing in the password. Still this could be a little inconvenient in some situations.