Location of iTunes backups of the iPhone

Since the backups of the iPhone always take a long time, I started to wonder how big they actually were, when they finally got stored on my computer. So first a needed to find out where the backups are stored, which was answered by a forum post on everythingiCafe.

The backups are stored in:
~/Library/Application Support/Mobilesync/Backup/

Since this folder was only about 126 MB large, I stopped worrying about how much gets actually backup'd but started to wonder why it takes such a long time to backup such a small amount of data via USB. Hopefully Apple will accelerate the iPhone Backup in a future update of the iPhone or iTunes software.