Depends on the product of course, but I think a safe generalization (coming from my experience) would be that free trials have better conversion rates compared

Depends on the product of course, but I think a safe generalization (coming from my experience) would be that free trials have better conversion rates compared to limited indefinite free ones. Should be noted, a limited version should still provide some value, i.e. a version of the app that doesn't save documents doesn't count because its usage in time is artificially limited by the functionality. People seem to tend to stick and extract maximum possible value from indefinitely free plans, put up with and work around the limitations. It's a strange phenomenon but the way people evaluate $0 vs. non-$0 products seems irrational. Possibly because we can't seem to accurately estimate the time we waste on working around limitations on a free product vs. the money we would have paid for a fully functional product, i.e. estimate the time wasted in terms of money lost.