/usr/bin:/bin:/usr/sbin:/sbin:/usr/local/bin

To Reset it back to this value run (from /Applications/Utilities/Terminal.app)

export PATH=/usr/bin:/bin:/usr/sbin:/sbin:/usr/local/bin

NB: Note the removal of X11 from this compared to the Lion path:

/usr/bin:/bin:/usr/sbin:/sbin:/usr/local/bin:/usr/X11/bin