While the NBA can only wish it was like the NFL, it will be joining them in becoming the second major sports league to lockout it's players. From SB Nation:

An NBA lockout was the league's "only option" at this point, said commissioner David Stern shortly after news broke that the franchise owners would institute a work stoppage beginning at 12:01 a.m. ET Friday. Stern and deputy commissioner Adam Silver spoke in a televised press conference just before 4 p.m. ET Thursday.

I haven't been following the NBA labor battle anywhere as closely as the NFL one, but it looks a lot worse. The owners want the players to take a major pay cut. While I'd be surprised if the NFL misses any regular season games, I expect the NBA to have a shorten, or maybe even a lost, 2011-12 season. The one thing the NBA won't have is that their players will not decertify their union.