Free falling seems scary. What's it like, or do you even feel like you are falling that fast with no real frame of reference?
I'd say it depends on how unnerved you get from heights, the sensation of falling. The cool thing about freefalling the way I did it [I did static line jumps first, and then "earned" my way to pulling my own ripcord, then steadily up to jumps from higher and higher elevations] was that by the time I got to where I was having longer free falls, I wasn't scared about the jump process itself, which enabled me to enjoy the free fall without worrying about what I was supposed to do and when.
Its a different process for people who do tandem jumps, with an experienced skydiver, who controls the 'chute and guides you in afterwards. This approach enables people to experieince a lengthy free fall the first time, and since most people who take the plunge only sky dive once, a lot of people choose this route because of the thrill factor.
If you find heights scary, then free falling is going to be scary. I found it to be exhilirating, but again--but the time I was having lengthier free falls, I was confident about knowing what I was supposed to do--which freed me up to just enjoy the experience. It's definitely not for everyone--especially those who might expereince stress / anxiety about falling.
It's difficult to describe. It is fast, fun, and quite a rush. You DEFINITELY have a frame of reference, especially if others are around you, and with the ground below [although it is difficult to gauge elevation unless you really know what you're doing]. It really all depends on what objects you can orient yourself to, how far up you're jumping from, and how comfortable you feel during the jump.
After the chute is deployed, I don't think there's a more serene experience you can have. Especially if you've got a nice view while you descend.
None of the above does adequately justice to the experience, for the record.