iPhone backup in iTunes: where is the file?

Where does iTunes store the backup file when you backup/sync your iPhone? I'm trying to recover from a failed iOS update that wiped out all of my apps and data. I would like to make another copy of the most recent backup from my 3GS before I do anything else. To say that I no longer have any faith in Apple or iTunes would be a gross understatement. Thanks for any help y'all can give me.

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try C:/Documents and Settings/USERNAME/Application Data/Apple Computer/MobileSync/Backup

or on vista:
C:/Users/USERNAME/AppData/Roaming/Apple Computer/MobileSync/Backup

There are many benefits to syncing your iPhone 4 data with iTunes, not the least of which is ensuring that all of your Contacts, Calendars, Email settings, Web page Bookmarks, Notes, Ringtones, Music, Photos and Videos, Podcasts, Books and Audio Books are backed up. This way, if something goes wrong and you lose data on your iPhone, a quick restore is all you need to recover your files.

To set-up syncing between your iPhone 4 and iTunes, follow these simple steps:

Connect the iPhone 4 to your PC and launch iTunes
Select iPhone Option in the iTunes sidebar
Now, select which things you’d like to have synced – so, music, email and contacts for example
Once you’ve done this, click Apply – it’s in the bottom right corner of iTunes
Wait for Syncing to complete