If the same lottery system was used, we would be one of the front runners for the 1st overall the way the New York Rangers had the same number of balls as the Penguins, because they didn't make the playoffs for 7 years in a row.
If I remember correctlythe past lockout draft went something like this. All teams started with one ball, and then depending on the amount of times you missed the playoffs in the previous 2 or 3 seasons you got extra balls. If you drafted first overall in the past few seasons you also lost a ball. With a max of 3 balls per team with all teams having at least 1 ball.
I would imagine it would be something similar the next time around. If this is the case, the Leafs would have one of the best chances to win the lottery. So ... lets hope for a lockout