I'm accustomed to ctrl+x, ctrl+v combination to move files and folders using only the keyboard. Can I get the same functionality on OS X Lion?
Yes, but it's a little different in Lion.
In both the move and the copy situation, you use ⌘ CommandC to put a file on the clipboard.
You could use cmd +x too : if I'm not mistaken, cut exists in Mac OS since the 10.4.8 version, it's just disable.
To get the combination cmd +x working, you could just enable it, by opening a terminal and run this command :
You could re-disable it, by changing the final "1" to "0".
I didn't try this trick for a while, so it appears that it's not working under Lion (It's was working on leopard for me).
Anyway jtbandes's solution is the best way to do cut and paste :)