Here is a Runekeeper I almost never play showing of her anniversary dress.
Even better, if you have been playing since launch you get a free horse. In all there are five rewards you can earn, one for each year the game has been live. Even players that have only been playing a year get reusable fireworks which I enjoyed setting off in the middle of Thorin's Hall.
The five year horse. I quite like the look of it, and due to the new "horses are skills" system since LoTRO went FtP you can collect horses without jacking up your inventory.
However far and away the best "free" content has been the Great River. Lifers get it well and truly free. I know that my lifetime sub payed for itself long before LoTRO went FtP, everything else it gets me now is gravy. Current subscribers get it as a bonus with their sub fee, it's arguable whether you should call that free content for them or not. Free players can go to the zone, but they don't get any new quests apart from bounty board missions unless they choose to pay extra.
This is the map of the new zone. In size it's pretty close to Mirkwood, with perhaps more varied terrain.
I'm have found the quests in the new area to be a lot of fun. The storyline that goes with them is intriguing, and forshadows some events from the Twin Towers really well. Color me crazy, but I like all the fetch quests that have you learning how events have been unfolding in the village before you arrived. I've been obsessing too hard on SWTOR to make a ton of progress, but I have played the new area enough to hit 75 in the last few weeks. The content I've seen has all been very well done. I look forward to finishing out the area at some point. If nothing else, several of the quests grant nice armor upgrades to anyone that isn't a raider.
The first hall of the Rohirrim I've encountered, complete with a minion of Wormtongue who I'm hoping I'll get to slay soon.