A NULL in the Geometry column is just like any other NULL - it is special marker used to indicate that a data value does not exist
An Empty Geometry is a geometry value that has no points. This can happen when importing or editing/creating data programmatically.
ESRI's Data Reviewer Tool for Finding Invalid Geometry will flag both of these conditions. From an ESRI Blog on the subject:
Empty geometry
The geometry of a feature is considered empty if it has zero or no
points and it does not contain geometric information (represented by
SHAPE _LEN and/or SHAPE_AREA fields) beyond its original
initialization state.
Note:
A point/multipoint geometry type contains point(s) as its geometry information.
A line/polyline geometry type contains line segment(s) as its geometry information which is again represented by points.
A polygon geometry type contains rings (formed by line segments) as its geometry information which is again represented by points.
Empty geometries can be introduced when editing or creating data programmatically and when importing bad data into your GIS.