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The amount of features you can get depends somewhat on the amount you pay and your experience with web design. Reasonable web hosting isn't hard to find these days, and to be perfectly honest, paying for a year's worth of web hosting is going to be significantly cheaper than a year's worth of WoW.
If you're running a large raiding guild, paid options are probably far better than free options. With a paid option, you can host large forums, use plug-ins to track guild progress, send out newsletters, have on-site places for people to apply, and best of all: No advertisements!
There's a bit of research to be done when looking for web hosting. Ideally, your web host of choice should include a control panel for you to locate the specific settings your web-host provides you with. This will aid in setting up a forum or BBS, chatrooms, WoW addons, and CMS systems like Joomla which will greatly reduce the amount of time that you actually have to spend making your site and increase the time you spend using it. Not to mention, there are quite a few World of Warcraft-related Joomla templates and even WoW plug-ins for Joomla available out there!