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The new V3 template for Eclipse wants to copy your compiled library into ~/Documents/Processing/libraries (on the Mac). Unfortunately, that's also the path used by Version 2. And I wanted to maintain my old Version 2 folder. Here's my easy solution.
When you're not running Processing, rename your existing ~/Documents/Processing folder to ~/Documents/Processing2. Then edit ~/Library/Processing/preferences.txt (on the Mac). Around line 105, you'll find two entries relating to
sketchbook. Set these to