I was watching S08E11 of Smallville, where the Legion of Superheroes in the 31st Century told Lana that she has her own destiny (separate from Superman). I have always assume that she is just Clark Kent's teenage hometown love. What becomes of Lana Lang?
In Smallville - Season 11 (comic book series) after she left Smallville to protect Clark, she resided in Africa protecting local villages from African warlords, disguising herself as a vigilante called The Angel of the Plateau. While still in Africa, Lana's code name for the Watchtower is changed to Valkyrie.
This information, along with more details description of the story is found at: http://smallville.wikia.com/wiki/Lana_Lang near the bottom under the headline "Season 11."
TL;DR: Given Smallville's tendency for easter eggs & comic references, the line you're referring to was most likely a nod to the Insect Queen.
In the comics, Lana Lang has had a significant impact on the DC Universe. Her relationship with Clark in the comics was a bit more one-sided, with Clark largely considering her a sister figure rather than a girlfriend. She later married Pete Ross, eventually becoming First Lady when Pete became President of the United States. She also briefly held the CEO position at LexCorp, and was responsible for hiding caches of synthetic Kryptonite all over the world in case Superman went rogue.
As for powers, most versions of Lana Lang have had powers at some point as The Insect Queen. In this form, Lana gained the abilities of multiple different insects, along with the ability to change her form accordingly:
Depending on the continuity in question, The Insect Queen acted as either an ally or villain to Superman and the Justice League of each Earth.
This is a big spoiler if you haven't gotten through Season 8 yet:
Yes, Lana does become a "super-hero", of sorts, by the end of the series. Specifically, she uses something called Prometheus that
gives her all the same superpowers that Clark has.
The technology was developed by Lex, to use on himself, but Lana stole it and used it on herself. Unfortunately, Lex gets revenge on the pair of them by
forcing Lana to absorb a massive amount of Kryptonite radiation, which she then constantly emits. Getting near her makes Clark very sick.
This was used as the final end for Clark and Lana's relationship, to free Clark up to start one with Lois. Lana leaves Smallville and Metropolis, but she does go off and perform heroic acts of her own, in homage to Clark.