Sounds pretty good to me, honestly. First, here's a link to a good diagram of the colon so you know what the parts are.
What all the medical terminology means is that the mucosa (lining of the colon) in the lower part is swollen (edematous), rubbing away (erosive), red (erythematous), and fragile (friable). The upper part of your colon looks good. And no signs of polyps (possible pre-cancerous cells) or diverticuli (little pockets).
Given that there is no mention of ulcers, that's good. It sounds like you've got a little bit of inflammation.
When do you see the GI again for follow up? When you see him, definitely ask for rectal meds, specifically mesalamine enemas. They'll do a lot of good to heal that little bit of inflammation that's there.
And to echo what someone else said, make sure to take your meds when like you're supposed to. If you think you'd be better about it if you only had to take it once during the day, ask about Lialda or Apriso.
Status: Remission since May 2009!
Symptoms began in November 2008, ~4 weeks after giving birth to my son.
Diagnosed with pancolitis on 1/30/09
Current meds: Apriso (4 0.375g pills ONCE!! daily), mesalamine enema twice weekly, Natural Factors Ultimate probiotic 12/12 Formula, OrthoNovum, multivitamin.