Hi,
For BeerSmith 2 they are in the "Documents/BeerSmith2" directory (all the data is there).
By default BeerSmith 1.4 is in the "C:\Program Files\BeerSmith" directory (or Program Files (x86) if you are running the 64 bit versions).
However under Vista you may also have a "Compatibility files" directory that shows up on the toolbar when you go to the BeerSmith directory. This is where your data and the opts file likely lives. The full path to the compatibility diectory is: C:\Users\{USERNAME}\AppData\Local\VirtualStore\Program Files\BeerSmith
where {USERNAME} is your login name for Vista/Win 7.
Note that on many systems this is a hidden/system directory which will not show up unless you go into the options for Windows file explorer and set it to show hidden/system files.
Note also that the "Compatibility files" directory is a creation of Microsoft for Vista - not something I did. They arbitrarily decided all user data needed to be moved to the "virtual store" with the introduction of Vista - so the operating system puts the data there even though the program is storing it to the Program Files directory.
Brad