What happened to "folder info" at bottom of finder windows?

In the finder main menu, click on view and scroll to "show path bar" and "show status bar".

In Lion, to get that info displaying again, while in Finder and with a folder open go to the View menu and select "Show Status Bar".

There's another item (same place) that can be useful - Show Path Bar. This adds an additional area at the bottom of the window that will reveal the path to any item selected in the viewing area of the window, very handy in conjunction with a Find or All My Files operation. Note that each item in this path is addressable by double-clicking it.