Yes, you can cancel for free within 24 hours of making a reservation. This option has been there for a long time, even before the recent regulation forcing this - but most legacy's had this.

Yes, free hold has been long gone. While I used to use it sometimes - I understand why they took it away, I can see the huge potential for abuse, and I assume that led to its demise.

I think Farelock makes sense for certain situations, and I think that given today's world - where fees are mostly what are making airlines profitable - that it makes sense for them to do this.