I'm playing the "unlimited free" version right now and having lots of fun. I've got four character slots per server as I used to be a paid subscriber back in the day.
But, I do have to say, this game is not really "unlimited free". It's only limited free. The advertising is more than a bit misleading, IMO. Without a paid subscription, your characters are limited to 4th level. So, your "free" is unlimited until you level up 2 to 4 characters per server to 4th level. Then you'll have to purchase some Turbine points to continue with your "free". Which, is not actually free anymore.
Now, the actual model I'm okay with and I have no problem ponying up some real money to get some points to buy my way past 4th level and get some other goodies from the DDO store. It's still a pretty cheap way to play a fun MMO.
But the free is quite limited. Don't believe the misleading advertising.