After having the same error ("opening mailbox - Requesting latest information" - hang) and fighting for months on my Mac (Lion) to solve it, including writing angry bug reports to Apple - I think I finally found the source of the problem:
There was an old (invalid) certificate installed in Exchange (2007, in my case), enabled for SMTP.
Nobody seems to care about this - including Snow Leopard Mail, Outlook and all iOS devices - but Lion Mail cared, and just stuck. Typically after some time - maybe sleep/wake or just a couple of hours - Mail was stuck and did not receive any new mails anymore, until I Force Quit it.
I got the hint from another forum (somebody suggested changing the properties in the locally installed certificates in Lion - but this was not the solution) and after seeing the question popping up once in Mail Preferences (do you want to trust this (old) certificate).
After removing the old certificate from Exchange (good luck with this admin user interface - no wonder we did not notice it) - everything works ok for me, already a day without any hangs.
Hope it helps! (Let us know the outcome...)