I just experienced the same issue with Lion. Looking in mailbox.log, I found that every time Mail.app logged in, it was failing looking for a mail folder named /Events -- which didn't exist in my mailbox.
When I logged into the ZCS web interface and added an Events folder, and then ctrl-clicked my mailbox and selected Synchronize in Lion Mail.app, all of my folders appeared.
As such, I recommend logging into your account in the ZCS web interface, clicking on the Add Folder button, creating the folder Events (under folders, not under the Inbox), and then trying to re-synchronize in Mail.app.
I've filed a bug on this in Bugzilla,
Bug 62384 – IMAP folders not appearing in Mac OS 10.7 Lion Mail.app Mail Client