Well, not sure if it's good or not. The part that has me stumped/concerned is the taking of your 404 traffic. Not 100% sure what that means and/or what they're doing with that 404 traffic. That would be a question to ask. Also ask them what their uptime is? Unlimited bandwidth? Sounds too good to be true. Bandwidth costs money - thus why I would be sure to find out how they're making their money. Again, I'd bet it's going back to what are they doing with that 404 traffic.
I want to place my site here! But do not know what hosting choose?
What do you think about this hosting?
"Fast and Reliable Free Web Hosting.
No Ads! We take only 404 traffic.
100 MB Space
Unlimited bandwith
FTP account available
No Monthly Fees EVER
No Setup Charges!"
(c) http://free-web-host.net
Please tell me it's good free hosting?

Chowhound
Comic Vine
GameFAQs
GameSpot
Giant Bomb
TechRepublic