I think that free weights have their place........if that's the kind of workout you are after.
I have met guys out there that workout with weights that couldnt do 20 or 30 chin ups......heck, I dont know if I can do 20 or 30 chin ups at the moment or hold myself eye level with a bar for more than a minute.
I stopped lifting weights about 6 years ago simply because the goals I wanted to acheive couldnt be done with those exercises.
I lift plenty of weight at my day job as a pipefitter and get plenty of reps pulling on wrenches and carrying pipe up ladders.
In the end it depends on what you want to do......be able to move your own body around like lightning or lift 350lbs.