Where does OS X Lion save data from my iPhone backups? Where does OS X Lion save all the information it copies when making backups of my iPhone 4? Specifically, I'm looking for where my contacts, photos, music are.

I can not find them in the 'Application Support' folder.
Information about your iPhone is in ~/Library/MobileDevice

The Backup of your iPhone (photos, documents, settings, etc.) is in ~/Library/Application Support/MobileSync/Backup

Neither of the above are in a form which is easily readable.

To be able to see and/or extract data from the backup you can use an application like iBackup Viewer