Today's release of iTunes 11.2.1 appears to address the issue. MacRumors forum member IzzyJG99 notes:
An update just popped up for me. iTunes 11.2.1 in the App Store. When it was done installing it had a little pop up about iPhoto Library. Now the User folder is showing up again.
You can install the update by select Software Update from the Apple menu at the top left of your screen. Let us know in the comments if it resolves the issue with your 'Users' folder.