The shell can expand ~ to your home directory. $HOME usually has the same deal, but often you want to refer to the current users home directory from a context that may not support such expansion.
I have had config files where $HOME works but ~ doesn't and vice versa.
I would guess that fuse could provide something along these lines, something like /var/myself -> $HOME
With that I could place values in config files to point to things like /var/myself/backdrops/pornography/wtf/yarly.jpg
Is there something like this already? If not, are there good reasons for there not being something like this?