It looks like your shortcut is pointing at the Ethernet bridge rather than the CPU. You should be able to expand the bridge and select the CPU underneath.
That error message occurs when your communication shortcut isn't pointing at a valid Logix processor. Once you get it pointed in the right place your tag folders should work again, just be sure to refresh all folders in the tag browser.
That error message occurs when your communication shortcut isn't pointing at a valid Logix processor. Once you get it pointed in the right place your tag folders should work again, just be sure to refresh all folders in the tag browser.