A question for the true expert on the NHL draft process: How long and under what circumstances does a team control a drafted player. I am asking in reference to  Kuznetsov. Does he remain the NHL property of the Caps no matter how long he plays in Russia?

Yes.

2 more years in KHL sucks but he definitely should be able to bypass Hershey when he arrives. Look for Galiev to beat him to NHL.

Teams have two years to sign their draft picks or else they lose their rights.  Players can either become a UFA or can re-enter the draft if they are 20 years old or younger when the subsequent draft occurs.  

Kuznetsov just signed a 2-year extension to stay in Russia for more money than an entry-level deal pays and so he can play in the 2014 Olympics (the NHL is considering not allowing NHLers to play).  He has also made it clear that he is not even considering the NHL until that deal is up.  Since he was drafted in 2010 he will be an NHL UFA if he doesn't sign with the Caps by this year's draft.  Looks like the Caps are going to lose his rights.    

If/when he does sign, Kuznetsov will go straight ot the NHL.  He is one of the best players in the world currently not playing in the NHL . 

Don't think so, kb. Kuznetsov is put on team's drafted reserve list and a 2 year KHL contract defers any need to sign him during course of that contract. Caps retain his rights.

So, you see my confusion, I have read both positions.

Poog -  I stand corrected.  I did not know that the Caps put Kuznetsov on the Reserve List.  I was just going by the general rule of thumb regarding the signing of draft picks.  Caps retain his NHL rights forever then.  His KHL contract might have an out clause that will let him come to the states sooner, but its likely Kuznetsov won't be playing in the NHL until the 2014-2015 season at the earliest.