Where does : Ping? Pong! stand for.... i know that u can hide it, but what is it ?

See : www.computerhope.com/jargon/p/pingpong.htm

Put simply... servers use pings to check that you are still online and functioning - your IRC client responds with a PONG so that you don't get disconnected.

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why exactly is displaying it enabled by default? Its useless to the average user and just ends up confusing them.

Presumably to help a user work out when there's a problem - if the ping?pong!'s stop, a disconnect is on the way.

Think of it as a hearbeat.... while its beating, everything's ok, when it stops, it's time to do some diagnostics

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