The bandwidth allocation does vary according to the IOS releases. But it will usually be WFQ for default classes.
The class-default class is used to classify traffic that does not fall into one of the defined classes. Once a packet is classified, all of the standard mechanisms that can be used to differentiate service among the classes apply. The class-default class was predefined when you created the policy map, but you must configure it. If no default class is configured, then by default the traffic that does not match any of the configured classes is flow classified and given best-effort treatment.
By default, the class-default class is defined as flow-based WFQ. However, configuring the default class with the bandwidth policy-map class configuration command disqualifies the default class as flow-based WFQ.
Check out for more details:
Configuring the Class-Default Class Policy
http://www.cisco.com/univercd/cc/td/doc/product/software/ios120/120newft/120t/120t5/cbwfq.htm#25297