Standing Room Only means that you will not be assigned a specific seat. You will be assigned a specific area in the back of a section (usually behind the last row of the upper level). You will have to stand during the game and may have to stand behind other patrons towards the ice.

View from 300 Level at Staples Center
This is a view from the 300 Level at the Staples Center, standing room only views will be similar to this but a little farther from the ice.