Display hidden files/folders in Finder

In terminal - enter

chflags nohidden ~/Library

I think if you do chflags nohidden ~/ all hidden folders will be "not hidden."

See: http://osxdaily.com/2011/07/04/show-library-directory-in-mac-os-x-lion/

another solution for hidden files

Download Text Wrangler - it's free. It has an option to open, view and edit hidden files. The advantage is you don't have to toggle on/off your hidden files. What if for example you set your mac to display hidden files and you cat should decide to take a walk on your keyboard somehow deleting a file
using an app to view and edit selectively is a more convenient and secure way of managing it. I don't work for Text Wrangler and I'm sure other programs will work, it's just what I use.

Thanks to cbronfman.

I knew there was a way in Lion but lost track then found it via search in this forum. One can find things if you take a few minutes to search!