So if you're like me, in anguish every time you hit backup or restore because Microsoft in their infinite wisdom keeps displaying some obscure data folder sitting in your Program Files, and you have had enough; then follow the instructions below to set your very own default backup/restore location and take one more step towards self empowerment from the limitations SSMS introduces into ones day.
Okay I kid, its not that bad.
Whip open regedit and browse to HKLM
\Software\Microsoft\Microsoft SQL Server\
Click the edit menu and hit find to search for a key called "BackupDirectory" and replace any instances you find with your own SQL backup/restore path.