I suppose the best Free-rolls to play are the ones with the fewest player's. I have played on some site's that offer small prize pools of around $20 Dollars and only have about 30 to 40 players register, then again I have played some games where the prize pool was $1,000 Dollars but there were several thousand players chasing the prize.
Over the last 20 years or so playing many site's and hundreds of free-rolls, I find that Cardschat offer some of the best free-roll games around, all you need to do is work hard on your profile, and you can get access to all of them.
There are time's when you just have to work out whether the free-roll you choose is worth playing, I did play a few on Pokerstars that offered free entry with a small re-buy if you went out early, so because a lot of players were probably down to the wire when it comes to available funds, I was able to re-buy myself back into the game even when the game had already bubbled and all I was doing was buying back in to ladder a few places.
Profitable? Yes. but I wouldn't do it all the time, as some games were too far from the prize money to guarantee making the money bubble, you just have to work it out for yourself.
The important part, is just have some fun, playing a game you enjoy, and remember---
When the fun Stops, STOP!