Where on my Computer is my iPhone back up?

I got a new laptop for Christmas, and am trying to back up my iPhone before syncing it to my new iTunes as I don't want to loose anything.
I've backed it up through iTunes but I would like to check the files to make sure they are all there and keep my mind at ease!

On iTunes it says "A full back up of your iPhone will be stored on this computer."
My question, is where? I can't find it anywhere. Where abouts on my computer can I find my iPhone back up files?

Thanks in advance!

Added (1). What's the HDD?
And it's not in iCloud, not only have I already checked there, but you only get 5gb of storage space in iCloud, I have 15gb of stuff on my phone.iTunes also said the files would be stored on my *computer*…

Added (2). Thanks The original Peter G! Only thing is I'm using Windows 8 (forgot to mention) and I'm having major difficulties finding those files in the maze that is Windows 8… :/

I guess in your itunes library in the HDD

I cloud

You have to sync it for it to be backed up. Once it is synced, your computer has all of the information about the apps on you iPhone. Then, if everything is erased, all you have to do is look at your computer.

I think it's stored in iTunes. I think that if you were to loose your phone and get a new one then in the setup you'd choose something like backup from iTunes, and everything would be transferred. Either that or it's all in the magic cloud of happiness.

It's well buried.
The location of the iPhone backup files generated in iTunes is the following directory:

Windows XP:
\Documents and Settings\USERNAME\Application Data\Apple Computer\MobileSync\Backup\

Windows Vista or Windows 7:
\Users\USERNAME\AppData\Roaming\Apple Computer\MobileSync\Backup\

Replace USERNAME with your personal account name. In documents & settings/application data roaming…
You can't actually identify anything in the back-up as it's just a string of data files

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