[teyc]

Here are some quick thoughts:

1. Customer acquisition costs vs customer retention costs. I recall Indinero went from freemium to paid and then back to freemium. Their feature set weren't complete, and keeping them on free and eventually offering features as upgrades. You can certainly work out what it costs to service certain users.

2. Feedback and iteration, especially when you are yet to gain traction, some of the feedback may be invaluable if you pivot (plus you already have a list of people to market to)

3. Word of mouth

I think it is worthwhile to try both, and see whether which one gives you better feedback.