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I dislike negative free bids mostly because they dump all the strong hands into double.
That goes against the principle of "shape first, hcp later" and is thus bound to create trouble in the long run. Especially if opps raise the overcall with a preempt... typical unlucky expert stuff: endplaying yourself into situations where simple bidding by opps puts you to some rather annoying guesses.
There might be some situations where it makes sense to use NFB, but, in general the principle is, in my opinion, unsound.
You hit the nail on the head!
The NFB is the perfect way to bid the one-bid hand. It shows its shape in a way (immediately) that you may be otherwise waiting until tomorrow before partner finds out you had it. eg
♠632
♥5
♦95
♣JT97642
Partner opens 1
♥, RHO bids 1
♠ (so opps have the boss suit already)
Bid 2
♣ and watch opps' faces when partner makes a disciplined pass

Over and over I have witnessed the NFB itself be the last makeable contract by either side.
Doubling simply says, I have some values but I can't bid them right now. If the opponents have got lots of cards, then I want to know it - it helps me bid my hand. The fear of being preempted is only real with a pickup partnership or where we don't have methods to know which of our own subsequent doubles are penalty (nearly all). Generally them bidding gives us a chance to double them for penalty as well as bidding our own hands.
Haven't you ever wondered why it is right to have a whole variety of strong bids (all the forcing freebids) but only one weak bid, in competition - when the strong bids are not that frequent?
How many times *have* you passed because you had to?
LukeWarm's point is about frequency. Have more bids for more frequent hands, and have a single bid for the less frequent ones.
The biggest problem with NFB, in my opinion is that, just as with weak jump shifts, people make them on hands which are too
good. The rule I use, if you think partner might need to bid, then it's not suitable for an NFB on your hand. I also don;t like them at the three level, because to be safe, you now have to have more values, which runs counter to the principle of bidding quickly to shut partner up.
Stephen