Comment 89 for bug 382703

"My Documents" should not be used as most of the files in "My Documents" would not be "Documents" (eg. music, videos).

"Home" or "Home Folder" is incorrect, since this implies /home, not /home/[user].

Using "[User]" (or "My Files", "[User]'s Files" or similar) would lose the meaning of the /home/[user] structure. This would be the best option if /home/[user] was, perhaps, replaced by /users/[user]. This loses continuity with other Linux distros though that isn't necessarily a bad thing - users ofter refer to Ubuntu separately to Linux anyway! Compatibility wouldn't be lost with other distros since ~/ would redirect to /users/[user]. Difficulty comes with transferring /home partitions to/from other distros or older versions of Ubuntu.

"[User]'s Home" is the best option using the current /home/[user] system. It makes the "home" meaning clear whilst not confusing (indeed emphasising) new users with the difference between /home and /home/[user].
This issue with this comes with the translation. However, each translation could choose its own option, just use "User", or "My Home", or their own translation, or just the English word "Home" - after all, Ubuntu isn't an English word and yet we all know what it means, "Home" could be known by everyone to be the cosy place you go to while it looks after all your files!

As far as the English version of Ubuntu is concerned, I believe "[User]'s Home" is by far superior to the other options.