Well you are correct until the licence is fully published then all is not set in stone or clear.However if you take the text from the ROOL site then it does suggest that you can free of charge download, modify and use but not for commercial gain. Though you can have that commercial freedom for a price.
Anyway I agree that the devil will be in the detail and I'm sure that is why we still have not got the exact terms but it may not be long and then this debate will move on I'm sure.
Text from ROOL website
RISC OS software will be made available to third parties via a dual licensing mechanism. The first will be a free of charge (FOC) Source Code License which will give an individual/company the right to download, modify and publish
RISC OS source code providing that the code is not used for any commercial purpose. The second Product Code Licence will give the right (for a small fee) for an individual/company to distribute product code to third parties for commercial use.