V1R5 on a PC running Win 7 64 bit.

In Tools, Options, File Locations, Drawing Support, Library Files location, I have set the location of saved blocks (drawings) of items I use over  and over. This is set the same as when  I was using V1R4. 

Now, when I go to insert a block, the Browse option will open the folder I opened the entire DWG from, not the specified Library location.