It should work the Public folder is also a special folder and the process involves resetting explorer.exe.
Before you move the folder read this:
Do Not Move Special Folders in Windows to the Root!
http://www.winhelponline.com/blog/do-not-move-special-folders-to-the-root-drive/
If resetting explorer.exe would not work try Method 2 in the following link:
How to move the special folders in Windows Vista
http://www.winhelponline.com/articles/95/1/How-to-move-the-special-folders-in-Windows-Vista.html
Important: Method 2 contains steps that tell you how to modify the registry. However, serious problems might occur if you modify the registry incorrectly. Therefore, make sure that you follow the steps carefully. For added protection, back up the registry before you modify it. Then, you can restore the registry if a problem occurs. For more information about how to back up and restore the registry, click the following article number to view the article in the Microsoft Knowledge Base: