This is right. It is free. The company is going to introduce 4 paid plans soon, you can find the details here, but the main core functionality remains free.
It is not as sophisticated as most of the paid solutions and even not even close to Community edition of SugarCRM, but its main benefit - it is fully integrated with Google Apps. All the tasks automatically appear in Google Calendar and notification sent to Google Apps users by email. As a new and growing, with the recent success and popularity of this product, we can expect new features very soon.