The FL Studio free edition, also known as the demo version, has several limitations compared to the full paid versions. The primary restriction is that you cannot reopen saved projects in the demo version. This means while you can create and explore new projects, any work you do cannot be saved for future editing. Additionally, some advanced features and plugins are only available in the paid editions. Despite these limitations, the demo version still allows you to experience most of the core functionalities and capabilities of FL Studio.