Et cetera... you get the idea.
The ~ signifies the /home directory for the user. If I move to say /etc/X11, it would look like this:
I used a combination of Bruno's Tweaking the Prompt tip and another script found elsewhere to colorize the root prompt. I had to tweak the .bashrc in /home/vtel57 and the .bashrc in /(root) to achieve this. Here are the mods I used:
Where you see "<OS>", I inserted my distribution name.