Participation in 2014 has not yet been determined. As LITY noted, this is but one of several issues to be negotiated in the next CBA.
The NHL would be wise to come up with some sort of arrangement for participation. I've long seen the Olympic soccer (football) tournament as a model the NHL could use; for soccer it's a U-23 tournament, but each team is allowed a few (I think 3, but I could be wrong) overage players. One would hope the IIHF might come up with something, but I wouldn't hold my breath.
The global audience (and very heavy in Europe) should not be discounted. Plus, if the European rights fees go up for the Olympics, broadcasters are going to want something like this for one of the marquee events.