You don't mention the current coordinate system you have assigned to modelspace. Afterall, the lat/long coordinates are relative to the equator and north pole. Imagine that your modelspace is a representation, or model, of of Planet Earth, a flat representation as opposed to a spherical or ellipsoidal model. Somewhere on your model is the equator and the polar caps. As you move your cursor around modelspace, the coordinates displayed on the statusbar change, i.e., they dynamically adjust to your position relative the equator and poles and thereby, provide you with lat and long.
If you have not assigned a coordinate system (MAPCSASSIGN), then you haven't established a model which means you don't have the equator nor poles. Assign a CoordSys first (a CoordSys that's appropriate for your site) then, on the coordinates portion of the statusbar, click directly on the coordinates and choose 'Geographic' to view the lat/long.
Chicagolooper