I believe the CBA is still in effect in 2007 - but there are various poison pills that were added that make some changes, designed to make the parties come to agreement on the new CBA.
Franchise and transition tags are still in place - and in fact all teams will have an EXTRA transition tag in 2007.
Currently, teams can use either a franchise tag or a transition tag. So next year the teams will be able to restrict two otherwise unrestricted free agents.
I believe the salaries of those tags will be based on 2006 - which is capped - and not 2007 - which is uncapped. Which means that you can expect teams to use both tags.