My old windlass, a "Horizon" by Simpson Lawrence, was a power down. I had a lot of trouble with that unit. Always jamming up and it had a plastic guide that had to be replaced about 5 time a year.
My new one, a "Good", is a free-fall. I think the benefit of the free-fall is speed of deployment. As for how much rode is out I have a a color coded rope (Also put out by Good) that lets you know exactly how much rope is out.
I haven't had a chance to use the new one yet (just play with it in the yard) but by looking at it's construction and size of the motor I think it's gonna be worth the few extra bucks.