Question : Windows 7 installed application, creates file in program files directory

Migrating application to windows 7
On xp the installed application used sub folders within its program files application folder to store log files etc, subfolder e.g 'Log Files' folder. All users (both administrators and standard users) need to access these files.
Where is the best place to put these files and folder on Windows 7(/Vista).
The application needs to create and delete files within these folders. We need all users to have access to the folder (via explorer).
Is there an easy solution. Or a place where they should go?
Is there a member of the special folders I can use?
The application data folder is hidden and not accessible via explorer.
What about 'C:\Users' analogous to 'Documents and Settings' in XP is this right?.

Note standard Visual studio 2008 Vb.net setup and application

Apologies for my inexperience.

Answer : Windows 7 installed application, creates file in program files directory

C:\Users' analogous to 'Documents and Settings' in XP is this right?.

yes