Microsoft released Visual Studio 2013 Community Edition Update 4 (November 12, 2014):
This edition is free for individual developers even for building commercial applications. It is also free for everybody participating in open source projects.
Here is the nice short video introducing Community Edition:
I've already installed Community Edition for test. Main C++ and C# projects are in place and I am also able to compile and launch my old projects. .NET Frameworks are available from 2.0 to 4.5.1 with possibility to download later frameworks from web.
At the whole, Community Edition seems to be great free replacement to Professional Edition.