Not exactly.... which one is it, free for new macs or free for everyone who owns any legacy version of the software, on a new mac or otherwise? It has to be one or the other...
I have a legitimate copy of iLife 09' and am not getting the update.
From what I understand, when you do the update the old version is not deleted. You can update and still use the old version. I am thinking that in the future the update may not be available for the older versions. And if Apple, and I suspect they will, fixes the new versions then you are good to go switching to the new version.