I still think practically it is the same. Journal Impact Factor could be only defined by Thompson Reuters. They are others "Impact Factors" like global IF, which is defined in other way.
But stright to the point - "0" iF it would mean that the Journal was not cited at all in a year (the IF is defined for each year separately) but in such case the Journal can't be on the Journal Master List and SHOULD have no IF at all. They could be journals, which has no IF, for example my journal (Journal of Education Culture and Society www.jecs.pl), which has no IF, because it is waiting for the review by the Thomson Reuters Team. All journals have no Impact Factors at all up to the moment of acceptance to the Web of Science (or Web of Knowledge) datebase.