I just found this myself. Surely this is an oversight - the PC presets actually get installed under "my documents" in a PC presets folder - so why would this setting want to point you to the users\roaming\yada yada folder?
In previous versions - when you went to open up PC presets, it just pointed to the last place you looked - but not now.
I wound up putting a shortcut under roaming\yada yada - pointing to the correct place. This is a good workaround for people who don't want to hack the registry.