This might be a stupid question, but am I supposed to install these same library folders that come within each of my wowace based addons? I thought they were supposed to share libraries or something.
No you don't have to install those library folders separately (only addon devs do that).
Libraries usually come embedded into your addons and they are indeed shared, as in LibStub looks through every addon and only loads the newest version of a library.
In reply to Ketho17:
Oh so you are saying that while I have the libraries within each addon folder, only one set will get loaded?
Great! Thanks for the clarification.