The plan is meant to compare to T-Mobile, AT&T and Verizon's offerings, giving customers unlimited data, talk and text for $60 a month for one line and $100 for two, including access charges. The option is available to both new and existing customers, though there are some caveats with the new plan that you'll definitely want to take note of before taking the plunge to alter your plan.

The unlimited data isn't really so unlimited, as so often seems to be the case, especially with T-Mobile's One plan. Video streams are "optimized" at 480p resolution and music quality tops out at extreme quality, up to 500kbps. Gaming is also limited up to 2mbps. Unlike T-Mobile One, where you can simply pay extra to stream HD video, there doesn't appear to be an option to do so with Sprint's Unlimited Freedom plan.

While the plan is slightly cheaper than T-Mobile's plan and certainly cheaper than others offered by the competition, the fine print once again puts a damper on what initially seems like a great deal. If you're okay with lower-quality video streaming and even capped streaming quality for your music, it might be worth it to switch to Sprint's new offering, but for everyone else you may want to do some shopping around in the interim.