I should mention one little bit: not all comics are free. The free comics are specially printed comics made specifically for FCBD. Also, some stores give out Heroclix figures specially created for that day. So keep a lookout for those (sometimes, you have to ask an employee).
You should expect discounts on some trades and back issues usually. Stores participate in FCBD for the purposes of getting people in the store to buy things, so stores usually do half-off sales or something like that. Not all stores do this, but most do. So it's a pretty good time to buy back issues if you're looking to get them (which I intend to do that day).
Get there relatively early. Before noon is ideal.
The limit is based on the store's discretion. Some say that you can only have a set number of comics (like, say, 5 comics total); some let you have one of every comic. It all depends.
It's also worth mentioning that some stores have "celebrities" doing signings there (don't get your hopes up; you probably won't see any mid-tier names. Usually just a few small guys in the business or some up-and-coming independent writers/artists, which is kinda cool. These guys sometimes give out free signed copies for advertising purposes).
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