Not working when library is not in sites/all/libraries

In some case you don't want to put libraries into sites/all but for example in an installation profile (profiles/myprofile/libraries), and then ace_editor module can't find the lib.

I think it should be better to make a dependecy of libraries module and use http://drupalcontrib.org/api/drupal/contributions!libraries!libraries.mo...

So if you make libraries module as a dependency:

$ace_lib_path = libraries_get_path('ace');
// & replace all instances of
'sites/all/libraries/ace/src/'
// with
$ace_lib_path.'/src/'

or if you don't want the dependency with libraries module just make a control through https://api.drupal.org/api/drupal/includes!module.inc/function/module_ex...

I will create a patch if find some time tonight :)