The lock option, used with select...into, allows you to specify the locking scheme for the table created by the command. If you do not specify a locking scheme, the default locking scheme, as set by the configuration parameter lock scheme, is applied.
When you use the lock option, you can also specify the space management properties max_rows_per_page, exp_row_size, and reservepagegap.
You can change the space management properties for a table created with select into, using sp_chgattribute.