How compatible is Freemat with Matlab?

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DiracPool
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In post #5 of this thread, Jedishrfu commented that Freemat is a cheap and free alternative to Matlab. My question is how close an alternative is it. I need to learn python and MATLAB for my upcoming entry into a grad program this fall. Python is free, of course, but should I buy the actual MATLAB to prepare or will I be fine just learning freemat and assume that switching to the actual Matlab at school will be a minor adjustment?
 
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I looked at Freemat a long time ago and while it is a free alternative for similar environment/capability, it is not a substitute for knowing Matlab; if you are expected to know matlab, it is my opinion that you need the real thing...the student version should be cheap enough.

Heck, python (matplotlib, scipy, numpy, IPython notebook) is also a free alternative to Matlab or even Mathcad, but does not teach you either.

Cheers
 
I have used free Octave in the past. It was highly compatible with MATLAB and had most of the modern features. There are even some places where you can enter and execute MATLAB code online.