No it's still free! After you upload and finish editing you track in the waveform it says in blue writing "skip this step". That will direct you to the next page where it says "describe you ringtone". Type in a description then hit edit. The next part let's you download the m4r to you desktop to put into your itunes folder!
its deffo free, when you choose to download ringtone, it hides them on a 'my ringtones' page where the download link is, it threw me at first a few months back