Comment 6 for bug 392583

FYI, it's possible to change the default ubuntu one folder to any one of your liking, but the option is not exposed in the UI.

To do that, edit ~/.config/ubuntuone/syncdaemon.conf, adding the lines
[__main__]
root_dir = ~/myawesomeubuntuonefolder.

You'll have to restart ubuntu one to make this work. Either run "ubuntuone-preferences' and disconnect/reconnect your machine, or logout from your current session (gnome, probably).