f2p frame can be divided into two parts.

The first one is responsible for tracking of money and some items in bags and bank. The items are believed to be chosen as being of interest for f2p players - both veteran players (players whose subscription time has run out) and trial players (players who never had an active subscription).

The second tracks reputation for main factions, as well as possessing the reputation bag. Icon type and saturation corresponds to obtained reputation and having the corresponding bag:

if it's unsaturated bag icon that means the bag is not unlocked yet,
If it's saturated bag icon that means the bag is unlocked but character doesn't have it;
if it's saturated tabard that means that the bag is in possession of character and reputation with that faction isn't exalted, and
if it's unsaturated tabard that means that the bag is in possession of character and reputation with that faction is capped.

The number on the icon means the amount of possessed tabards for corresponding faction (looking into bags, as well as bank). There are also bars near icons for tracking of obtained reputation. The bar in Magenta color displays progress for obtaining required reputation for unlocking bag. The bar in Lime color displays progress towards capping the reputation. The bar in Yellow color tracks obtained reputation in the current reputation level (for example, at Friendly).

Clicking in the icon equips the corresponding tabard. If clicking occurred during combat, the clicked tabard will be equipped upon exiting the combat.

Future plans (in no particular order):

reduction of amount of used frames,
adding/removing of item tracking,
additional icons for currently equipped tabard, as well as for the tabard that will be equipped after exiting the combat,
ability to toggle visibility of icons by reputation,
clicking tabard will also set that reputation for tracking above xp-bar,
ability to toggle whether for bar display to use obtained reputation or missing reputation,
some else.