Now this depends on how you are defining this "LOVE". Some people mistake "love" for all different kinds of emotions. Some of these emotions can be tied together, and sometimes they are just one at a time.
For instance: Puppy Love, or young love is just an exciting feeling that you have. When you part ways, you remember the excitement of it all, and are sure that you are going to die without that person. Then there is the jealous or obsessive love, where you think if you lose that person, you will lose yourself. There are many more types, but hopefully somewhere in there, there is self-love, and then there is true, respectful and unconditional love... sans a deal breaker... where you have a lot of communication and are best friends first and foremost, before anything else. That is the kind of love that takes very hard work and a lot of energy. It needs two people to be 100% committed to get to that stage.
In my opinion, it many times depends on how the relationship played out, and how it ended. If it was a rocky relationship, and ended badly, the love is gone for good, although the memories of the good times stay. This is where you were maybe in love with the person you wished they would be.
On the other hand, if the relationship went bad, but ended on at least a civil note, the love and good memories linger, but the love is more of a respectful love, of the times when things were good, and your ex still has a little piece of your heart, and although you love them, it goes back to the caring about their well being mode.
So where does the love go? I guess it depends on the level of the relationship.
I hope that answered your question somewhat. :)