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Basically it's not freeware because they don't want it to be freeware and thus charge you for using it. But because they use free software for creating Redhat, they make the free parts of Redhat available as Fedora. This is mainly Redhat without the logos and stuff, which are, you guessed it, not free.
RHEL source is free. You can download and use the evaluation version as long as you wish but you won't get uodates.
You can get CentOS, a binary compatible version which is the RedHat source recompiled (without logos, etc.), and you will get updates. This is because under the open source licenses, RH is required to release it's code where it relies on open source code.
What you get with RedHat proper is support. If you buy a RH support package, you get varying levels of support depending on what level you choose.
Is it worth paying for? That depends what you want. If you want the support they offer, then my answer would be absolutely. If you don't, then no it's not.
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