OK, so it's not 100% free as you'll need a few drywall anchors (if you're not on a stud) and screws, but you probably have those laying around, and other than that it's free. When you're done, you'll be able to move the monitor up and down, tilt it up and down, and rotate it, just like you can on its stand.

I started taking it apart to see what I could do with it and I didn't start taking pictures until I was almost done, so you're going to have to use your imagination a bit on some of the pics and some of the steps may be off a bit. It looks like a lot of steps, but they're tiny and somewhat detailed... all in all it's pretty easy. Any ways, here you go:

1. Pull off the monitor from the stand by pushing the black button and rotating it off.
   
2. Unscrew the four screws that mount the connecting plate to the stand and pull the connecting plate off.
   
3. This may be optional, but it's easy: unscrew the two little screws on the gray plastic circle and pull it off.
   
4. This is also probably optional: unscrew the two screws holding the plastic hinge cover on and pull off the cover.
5. Pull off the bottom black plastic piece from the track on the stand.
   
6. Use all of your might to push the mount down to the bottom of the track until it locks.
7. Pull off the rest of the black track cover (this is a little tricky, and I broke some of the tabs doing it, but who cares, right?) Basically you have to pull the sides out from each other and go all the way up to the top, then slide the middle part out.
8. Push the button so that the mount slides (very quickly, watch your hands) to the top.
9. Unscrew the three screws holding the long metal piece down to the track assembly and pull it out. Things will fall out, don't worry that's fine.
   
10. Unscrew the four tiny screws holding the track assembly to the stand. These screws were a pain because they're in there pretty tight and they're so small. I stripped one of them and had to drill it out.
11. Unscrew the four screws holding the rear bracket to the two track rails.
    
12. Rotate the rails up and pop the metal coil out of the plastic thing.
    
13. Mount the rear bracket using the incredibly convenient four screw holes to the wall. I used some 2"x1/4" plastic drywall anchors and 1.5" screws. If you have a stud there, all the better, but it may be tricky getting all 4 screws into the stud.
    
14. Pop the metal coil into the plastic thing at the top of the bracket. Check to make sure it got in there straight or you may have some annoying problems.
    
15. Replace the four screws to secure the tracks to the bracket. In order to do this I needed to hold the mount a few inches down from the top and have my girlfriend screw the screws into the rails. That last sentence may get me some unexpected traffic from google.
    
16. Purely optional: Replace the two plastic covers and the four screws.
17. Replace the mounting plate and secure it with all four screws.
18. Play with the plate/mounting a bit to make sure its secure before putting the monitor on it.
19. Put the monitor onto the mounting plate.
    
20. Hook up your cables and enjoy--if you're feeling adventurous, feel free to drill some holes and fish those cables through the wall :)