On my system, %AppData% leads to ApplicationData which is C:\\Users\\
But there is also C:
From MSDN - Environment.SpecialFolder Enumeration:
ApplicationData - The directory that serves as a common repository for application-specific data for the current roaming user. A roaming user works on more than one computer on a network. A roaming user's profile is kept on a server on the network and is loaded onto a system when the user logs on.
LocalApplicationData The directory that serves as a common repository for application-specific data that is used by the current, non-roaming user.
In short, use ApplicationData for roaming profiles, and LocalApplicationData for non roaming profiles.