My Take
I think that the free version of WeVideo is a bit limited but has potential. Support and tutorials were not as strong as I'd hoped for either the teacher or the student. Having some knowledge of video editing is very helpful. I felt like some of the functionality was not intuitive (like adding additional media or still clips). If using the free version, be aware that there are storage limitations, which means that you may have to delete from time to time to continue creating videos.
How I Use It
I used this with social studies geography students (9th & 10th) when doing a project on conflicts. The students worked in small groups to create a short newscast that had to include major points from their studies on conflict. Creating the video worked well, especially since the students could work from anywhere. Collaboration got a little tricky (using the free version), and sometimes we experienced some lag times.