There will be a draft regardless of no CBA. There was a article on Profootballtalk.com today detailing what may or may not happen. There will be no player trades during the draft if we don't get a new CBA.
I don't think the lack of a CBA affects the draft since the players being drafted have never been in the NFL before and therefore are not part of the labor union. The NFLPU has no standing with potential draftees.
There was a provision in the old CBA put in place, that bascially stated that in the event of no new CBA, the 2011 draft would still take place. Beyond that, well...