New Livestream now has Free Producer accounts.

Good News
No Ads apparently.

Bad News
Viewers must login to watch live streams in free accounts.
Event only archived for one month before being deleted.

Various
Still tied to their software/hardware (can't use Adobe FMLE for example).
Not only no embedding but I've heard no embedding will come for basic paid Producer accounts either. Apparently you'll need a Premium account for embedding.
Event based rather than 24/7 channel based