Oh yeah. Hot unix tip: ~/ is your home folder.
In Finder this is the folder with a house icon and your name on it.
~/Movies and ~/Pictures are the default locations for iMovie and iPhoto stuff. ~/Music is the default home for your iTunes library (including all non-music iTunes nonsense) and GarageBand creations.
Other folders that every user has by default:
Downloads, Documents, Public, and Library.
Think the first two are self explanatory.
Anything in Public is world readable to other users on your machine and those you allow to connect to your Mac over the network (including guests). Includes a dropbox that is world writable but only readable to you.
Library is hidden and can be accessed via Terminal or option clicking the Go menu in Finder and choosing Library. It contains all the per-user behind the scenes files like preferences. Also the default location for your Steam library.