I had used the process described in the link below to have my iOS backups placed on an external drive. Since ML upgrade, iTunes gives an error saying the location does not exist, yet it is there and the link works. Anyone else having such a problem or know of a solution?
http://osxdaily.com/2011/03/05/how-...unes-backup-folder-to-an-external-hard-drive/
http://osxdaily.com/2011/03/05/how-...unes-backup-folder-to-an-external-hard-drive/