How to Show the User Library Folders in Mac OS X 10.7 (Lion)

By default, Lion hides the user library folders in the Finder. You can still open them by pressing Cmd-Shift-G and typing the folder name in manually, but if you access the folder often, this can prove tedious. Note that thus far, every update (10.7.1 and 10.7.2) has reset the folder flags to hidden, so a simple repeat of the command will make them reappear. Simply type the following into your favourite Terminal, and your user library will appear:
chflags nohidden ~/Library
Also, should you want to make all user libraries visible, use the following:
sudo chflags nohidden /Users/*/Library