WHAT YOU GET:
1. 1 gig disk space. Possibly more if you can convince me you need it. :)
2. Dreamhost has given me about 2.5 terabytes bandwidth, so unless you start streaming porn, you won't run out of it. If you start streaming porn, your account is no longer free. :D
3. Access to the DH panel, which allows you to manage your site.
4. FTP access, either via WebFTP or your own FTP program
5. Shell access, if you want it.
6. A MySQL database.
7. PHP 5
8. Access to DH's One-Click Installs, which include forum software, shopping cart (no credit cards unless you're willing to either run it through Paypal or pay for the security certificate), a WordPress blog, and several other things.
9. Your own subdomain, at [your subdomain name].magatsu.net. If you want your own domain name, I can host those, too, but you'll have to buy the domain name yourself (cheapest option) or give me $10 to register it for you.
WHAT YOU DO:
1. Do not install a BitTorrent tracker - DH doesn't allow them.
2. Do not distribute TV episodes, anime, movies, mp3s, etc. Dreamhost deletes them when they're detected, and may take down my account, which means you've just nuked the websites of several other people as well. If that happens, I'm deleting your account.
3. Take security seriously. This means that if you install anything on the webspace, you are responsible for keeping it up-to-date with upgrades and security patches. If I log into the panel and see that you haven't attended to any One-Click Installs with upgrades available in a few days, then I'll click the button and upgrade them myself. Which means that if something goes wrong with the upgrade, you don't have a backup. Best to do it yourself first.
4. Be responsible for your own backups. DreamHost doesn't back your files up, and neither do I. If your site gets hosed and you don't have a backup, even if I caused it, I'll give you sympathy but not much else. :) You're getting exactly what you pay for.
Or, if you want to buy your own hosting plan and are thinking about DreamHost, please consider using the referral code TELO2, which will give you $50 off a 1-year or 2-year hosting package, plus a free domain name registration. :)