(2) something that looks or sounds really good, interesting or worthwhile that can be accomplished with little or no cost or effort, but ends up being a complete bust. An alliterative way of saying "you get what you pay for".
(3) something that fails to live up to your expectations
Jules: Hells, yeah!
Ferd: I want my 90 minutes back! What a free gift from Fingerhut that turned out to be!
Susan: Hmmm, the infomercial made this Bosom Buddy workout seem effortless, but my boobs are no bigger and I'm sore as hell. That's the last time I go for a free gift from Fingerhut!