Hi RdcliffRoss
This is a good question and one that confuses a lot of people. The difference between freestyle and wakestyle has got a lot smaller over the years and now has more to do with their origins. To appreciate what the two styles are you have to look at where they have come from.
In the beginning wakestyle was lead by Lou and Elliot and to be honest it has not changed much since then. It was all about keeping the kite low and using only the board to pop, boots are essential as landings are fast and hard and large rocker helps. All wakestyle is done unhooked. About 12 years ago freestyle was all about big boosts taking your boards off and multiple slow spins. This style was developed for competitions and was the only way to win. The guys doing wakestyle could not get back up wind quick enough after a jump to get enough tricks in the comp box in a short period of time. Also the judges had no idea what wakestyle was or how to judge it. This style of freestyle continued in competitions until Hadlow came along and started mixing up wakestyle moves with boosting and kite loops on a freestyle board. His style was different from pure wakestyle in that he had his kite a bit higher so that the pop was aided by the kite and he could then get more hight making it more pleasing for the judges. Comp Judges by then realised that a KGB or Slim was so much more technical and harder that hooked in spinning with one foot out the straps. His boards were smaller than wakestyle boards, had less rocker and bigger fins, this helped get back up wind quickly so he could get more manoeuvres in the time. Arrons style of freestyle was then called new school and the old type of freestyle was called old school.
Today the difference between freestyle and wakestyle has been further diminished because most riders on the PKRA are now riding boots. They are however mostly still using freestyle board.
The modern freestyle board is still purely competition driven, lighter smaller and has bigger fins. They are best for getting upwind quickly and easier to boost in choppy water. They are not as comfortable to land fast and hard are flexible and do not pop very well, so the kite has to help. This style really benefits young, flexible and agile riders as making a handle pass with the kite higher requires more flexibility in the arms.
Modern wakestyle boards are bigger, stiffer, heavier, higher rocker and have very small or no fins. It is still about keeping the kite low, lots of power, lots of pop, being unhooked, and with sliders and kickers thrown in.
Or corse a good enough rider can still pop with hight if the kite is low on a freestyle boards, and boost and throw loops on a wakestyle board.
Freestyle is a constantly changing style as judging styles change in comps, and the difference is getting smaller all the time, there may even be a day sliders and kickers are part of the PKRA.
Hope this helps and hasn't confused things more.