Whereever it is stored, if anywhere, it is immediately deleted on returning from setq. Why? Because 'f is the same as (quote f) And setting a value to a quote cell doesn't bind it to a symbol... so the ORO memory manager (should) just toss it.
Cavemen in bearskins invaded the ivory towers of Artificial Intelligence. Nine months later, they left with a baby named newLISP. The women of the ivory towers wept and wailed. "Abomination!" they cried.