If you’ve made the jump to Revit 2012, you may have noticed that there is a new directory structure in the program files dir.
There is no longer a journals folder. So where has it gone? The answer is that It appears to have been moved to the AppData directory.
C:\Users\USERNAME\AppData\Local\Autodesk\Revit\Autodesk Revit Structure 2012\Journals
Replace the uername with your username, and also enter the correct Revit vertical you are using.