First PTC released Creo Sketch 1.0 as free software, and yesterday Creo Elements/Direct Modeling Express 4.0 followed. Now, this is not exactly new-new, because this software always has been free -- it was previously known as "CoCreate Personal Edition."
Now it's been Creo-ized, and you can download it from www.ptc.com/products/creo-elements-direct/modeling-express/. This page has some tutorials, and lists the differences with the paid version.
Ken Wong has a good review of the software over at www.deskeng.com/virtual_desktop/?p=4238 . Not mentioned in his report is that you need to activate the software before you can use it at all; before you can activate it, you have to register with PTC; to do that, you need to create an account with PTC. So no 30-day hassle-free trial on this one.