I hide mine in the folder on my desktop labeled "porn". Neither myself or my girlfriend have any problems with it, but I know plenty of my friends who would be offended if they saw it. On my laptop I keep it in a truecrypt folder with a password I share with the girlfriend (because she adds to it and uses it, not because she wants to spy); that way if I have any stuff I need to do at work with the laptop I can be comfortable knowing it's not going to pop up in a presentation. I think what's changed since I was 16 and had a deeply hidden folder is that I'm no longer embarrassed about it, I just worry that I'll accidentally offend someone else.

Truecrypt filesystem with a copy of Portable Firefox, Portable VLC and image viewers.

I do. Not so much from my wife, but from the kids and co-workers. Nothing like seeing a dude's browser history pop up on the conference room projector.

Perhaps your pornography collection isn't on a topic that's socially acceptable. Lets say... scat?

Yeah, just put it in the "cloud", or on one of those tube sites.