First let me restrict my commentary to the recreational/enthusiast realm of free diving. Extreme free diving a la Pipin Ferraras causes physiological effects that are more complicated and beyond what regular free divers would experience. With that said, free diving, by itself, does not result in anywhere near the same amount of nitrogen bubble formation that results from SCUBA. The reason for this is that a person free diving takes a breath at the surface. He /she does not take subsequent breaths at depth. As a result, the gas in the lungs will get compressed as a person dives, but no additional air (and consequently, nitrogen) is breathed at depth. As a result, the only nitrogen that enters the blood stream is that contained in the original breath of air.
A SCUBA diver, in contrast, breaths air at depth. This air is compressed and contains a high partial pressure of Nitrogen. As a result, more nitrogen enters the blood stream with each breath at pressure until some level of saturation is reached (depth and theoretical compartment dependent). A free diver experiences very little nitrogen build up in the blood due to the limited supply of nitrogen (that from one breath) and extremely short bottom time (compared to SCUBA). Due to this, the risk of getting DCS due to free diving is very, very low.
With this said, DCS has been reported (or at least suspected) in free divers who dive repeatedly and go very deep (100 feet +), such as pearl divers. In addition, a free diver who has just completed one or more deep dives will still have significant residual nitrogen in their body. Free diving immediately after this will add small amount of nitrogen to this total and may increase the risk over free diving alone. Free diving is also not allowed for those individuals recovering from DCS episodes for the same reason. Anecdotally, I frequently free dive on the same day as diving. I do, however, wait a few hours before free diving after SCUBA dives.
I would be interested in knowing if research has been conducted in this area. All in all if one wishes to mitigate risk, one can avoid free diving until a sufficient surface interval time has elapsed. This also would allow a person to recover from any physical/mental stress incurred from a dive.