Now depending on you're fitness goals, you may find that free weights or machines are more suited to you. But if you have to choose one or the other, choose the free weights man. Alot of people prefer machines, there's nothing wrong with machines, they will and do work, if all you want is to be bigger then go for it. Machines are popular because they are easy to use. I believe that weight training or bodywiehgt training is far superior. Example: Leg extensions. Yes they will make you're legs bigger, but why not try squating with or without weights? Most machines won’t produce ‘Functional’ results, how often do you use only one joint to exert force with your legs(leg extension)? When you squat you use more muscles and forces your body to make constant adjustments and simulate real life movement. A machine will put you in a fixed plane of movement that doesn’t require much feedback from the body. But again it depends on what you want to achive. I'm in muay thai, so I need lots and lots of muscle endurance and workouts that mimic real life movements. If you are a powerlifter, you need to lift massive amounts of weights, if you are a bodybuilder you need a combination of machines and weights. Another awesome thing about bodywiehgt excercises, also known as calisthenics is you dont need any equipment. Now as for treadmills and the like, I do use them sometimes but i don't think they are nearly as beneficial as say running or skipping rope. When running you are pushing your body forward instead of moving rubber under you. This is how you are meant to move, this is how you were made to move. Plus you get fresh air, an added bonus. You can do Calisthenics every day, with weights you must recover or risk overtraining. With Calisthenics you often have to do many more repetitions, this increases you're heart rate and lung capacity. All the muscles in the wrold means shit all if you're heart or lungs give out. But don't take my word for it, try it all out, see what works best for you, do you're own research and decide for yourself. What works best for me may not be what works best for you, it depends what you want to achive.
I, too, prefer calisthenics over big bulky machines. But I do use light weights (2 lbs. each) when I do some light weight training (I don't want to be too big in the arms, yuck). I mostly just do a lot of jogging, long walks, and Yoga/Pilates. And some light weights and calisthenics 3 times a week.