The only thing is instead of using post processing effects to make the glow of the engines more soft, you will have to put some extra effort into the textures to fake it. Also, it is important to note that in Unity Free you do not have the ability for objects to cast shadows on anything but themselves. So a spaceship would not be able to cast a shadow on a passing spaceship, but only itself. But judging from those screens, it does not look like that would matter much.
Not exactly; those horizontal lens flares on the top screenshot couldn’t be a post-processing effect; you’d have to use Unity’s Lens Flare system.
The bottom one is perfectly doable.
The limitations won’t be with Unity, but rather the skill of your team in modelling, texturing, and lighting.
And @MakerOfGames, self-shadowing in Unity Free? I did not know this… care to explain?
Edit: Oh, I see, you’re talking about render baking. Well, as long as we’re talking about shadowing tricks, you can also use Projectors to cast simulated shadows on other objects.
You can’t do shadows with Unity free, baked or realtime (unless you make the baked shadows using a 3d tool and importing it as a lightmap). (You can fake it with blob shadows as DallonF mentioned.) You can however do baked ambient occlusion. Ambient occlusion is darkening on corners and intersections of objects. They are not shadows as their properties are not dependent on lights like shadows are. They should help give a good effect nevertheless.
By self shadowing I mean that individual objects can shade themselves according to light sources. They cannot cast shadows and will not cast a true shadow on themselves. Basic lighting is what I mean. I should have worded that better.
Looks like the shadows are the baked into an ambient occulsion map and then over-layed onto the diffuse texture. Simple and effective way of getting nice shadows in crevices without the real-time lighting overhead. All possible in Unity Basic and a decent 3D modelling package (Modo 501 for instance)
Actually, the Beast lightmapping tool can bake lightmaps for Unity free, minus Global Illumination which is a Pro only feature. You can check the UNITY License Comparisons matrix.
seriously: shadows both hard and soft are supported for beast baking. Just no GI.
Try it - set the shadows to either hard or soft in the beast settings and bake your scene. It works.