Well actually Full tilt seems to be the best place to play freerolls. They seem to have more private freerolls than any other site. Sure their public freerolls are pretty tough - 27 out of 2700 win, but you should try the pokerstars freerolls if you think that's tough - 100 out of 12,000 win - and that's only an entry into another tournament which you must win in order to get any money.
But all in all - freerolls are a fun way to test your mettle. If you've shown you can win a freeroll, you've shown that you've got a chance at being profitable in the money games.
Of course you could just play for fun in small stakes anyway and forget about the freerolls altogether. Depends on what you are looking for.
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Btw, the password freerolls are private freerolls. Meaning full tilt doesn't have the password. You'll have to go the sponsor of the freeroll to get the password. Like 4kingpoker - you probably came here to get the password to their freeroll right?
Good luck on the felts.