I'm confused. Is this like FontAwesome but with ability to cherry pick the icons? How come the free package contains 1500+ icons while the paid one only has 925+?
Well, as its creator, I would say it's much better than FontAwesome in many different ways. But yea you can choose the icons you need, instead of loading one font with all the icons that you may never need.
If you look at the library tab (http://icomoon.io/app/#library) you'll see the free icon sets. There are also two premium sets available right now. These are different sets.