Al Strachan reported a few months ago that there wouldn't be a draft if the season was cancelled due to a lockout. Love him or hate him (very pro player), he is a Hall of Fame reporter, and usually pretty accurate. That's the only thing I've heard of any substance.
However, Gary Bettman has not publicly, officially stated what the league would do in the event of a lockout. Thus, any further comment would be pure speculation.
There's also the issue of the 18-year-old draft. Presently, it's actually a 19-year-old draft, with an opt-in for 18-year-olds. If the league eliminates the opt-in, or increases the draft age to 20, then things really get interesting. (Would probably be a phase-in period, but with the bozos on both sides of the negotiating table, your best guess is as good as mine.