This is not quite a bug.
The reason for this is that I use file-storage 5.1 instead of the version you get when you download .LRN 2.0.3. I wanted to use file-storage 5.1 as it has changed quite a bit by DaveB and I thought it would be more appropiate to do that.
However, you can very easily work around this and access the fs folder from the admin page: in the Manage LORS screen, you'll see the list of all course available, and column with links called "Course Structure". If you click there, it will give you all info about the course as well as a link (Storage Folder) straight to the file-storage folder.
Once .LRN adopts file-storage 5.1, this will not longer be a problem.