The folder everything is in is still named /sdcard. So CWM will skip it when it gets to it.
When I unlocked my phone it nuked everything on the internal SD everything I had placed there was GONE- hopefully when installing custom roms it will not- Have any of you noticed how SLOW it is transferring files from PC to the phone?
the /sdcard/ directory is never touched when doing a wipe or factory reset. The ONLY time that the /sdcard directory is wiped is when you unlock/relock the bootloader