I'm using the default cakewalk locations for everything. I just upgraded to an SSD (from a HD) for my boot drive - I'm keeping the OS, Sonar, content directories, VST's, and all on it. These are files that are never modified.
The only thing jinky I'm doing is keeping the Cakewalk projects directory on the old drive, which is now D, instead of C. This will keep the wear on the boot drive to a minimum. Just to make it super-kosher, I made a junction directory on C (the SSD), that points to the Cakewalk Project directory on D:, so it looks exactly like a standard install.