It will appear on the right-most screen. If the right-most screen is full, a new screen will be created, and the icon will be there. You will see the benefit of no app drawer when you uninstall an app by dragging it to the top of the screen instead of having to dig through menus to do it.
Really, I don't miss the app drawer at all. I recommend using folders. Just add one to your home screen like any other widget, and drag and drop your apps into it. I'm a huge fan of the folders.
If you absolutely need an app drawer without a 3rd party launcher, you can dump all your apps into one folder and put the folder in your dock. It's basically the same thing.