The full details are under 'application data' in the help index. Here it is again for those averse to reading the docs (ahem):
For clean installs, the default location for application configuration files ... has been changed to the Windows common Application Data folder (located at C:\Documents and Settings\All Users\Application Data\Kinook Software\Visual Build Professional on Windows 2000 and up [%ALLUSERSPROFILE% can also be used for the root path]; C:\Winnt\Profiles\All Users\Application Data\Kinook Software\Visual Build Professional on Windows NT). The default path for version 4.x was the application installation path. For backward compatibility, if existing configuration files exist in the application installation directory, those files will be used instead. This change was made because non-Power users do not normally have the necessary rights to modify files in the installation path. The path for the configuration files can also be overridden by supplying additional command-line flags when launching Visual Build Pro.
Kyle
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