Go up to Spotlight (search) and type in “console” with out the quotes of course. Your first hit should be an app called “Console” and launch it.
OS-X is a variant of the Unix based MACH Operating system (a port of the BSD branch of Unix, not the AT&T System V branch). Regardless, Unix stores various log files in /var/log on the file system.
Servers, dameons and other background running processes are assumed to not have access to the three standard “files” that every Unix process opens by default. These are STDIN, STDOUT and STDERR. STDIN is for a foreground running program usually the keyboard and STDOUT and STDERR (standard output and standard error) are assumed to write to the terminal. Since Unix lets you redirect output from one program to another (pipe), it’s not always the screen and keyboard.
For instance, the following command line command:
ls -l | grep main.lua
would take the output from a directory listing and pipe it through the “grep” filter to look for lines that match the string “main.lua”.
The ls command doesn’t take any input, its output, written to the STDOUT file gets redirected to grep as its input. Some really cool stuff.
But what if, there was an error with the ls command? You wouldn’t necessarily want that output going into grep as input, so error messages get written to a 2nd output channel which in this case is the terminal. This lets developers separate the two types of output.
Background processes, like say the Apache web server, or a MySQL database server typically close the three standard files so they can run cleanly in the background and as such they need a place to dump their messages. Unix provides a library of code call syslog which lets processes write out to various files in /var/log for people to look at later when they need to see what’s up with these background processes.
Apple OS-X and in particular iOS extend this metaphor. In OS-X since it’s Unix, foreground running apps, like Corona SDK are assumed to have a terminal available to it and apps can just print to stdout (what the print() api call does). Servers will use the built in logging (and for OS-X apps, they use NS_Log) to write to the various files in /var/log.
However in iOS, Apple doesn’t want apps spewing output to their Documents directory and there is no terminal to manage input/output to the app.
I’m guessing pre-iOS 6, they trapped the output to STDOUT and STDERR and redirected that output to the device’s console log. But with iOS6 that went away and now only stuff written out by NS_Log ends up in the console log.
This is the file you see in Xcode’s Organizer when you click on the Console Log for that device.
The Xcode Simulator has for the longest time only output to the files in /var/log and using the OS-X app “Console” is how you saw those messages. So now you have to use it to see Corona’s errors and eventually your print statements.
This probably WAY more than you asked for, but I’m in a writing mood right now… 
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