Some time ago, Paul Stodghill wrote...
|+
| And another thing, using (getenv "HOME") is probably the right thing to use
| for `user-home-directory' under Cygwin32. BASH and TCSH both use
| (getenv "HOME") to determine `~', so XEmacs should probably also...
|-
I propose the following order of precedence:
Highest: Registry setting (when available).
2. HOME
3. HOMEDRIVE/HOMEPATH
Kirill