I am considering getting the ultimate bundle for Vampire the Masquerade to run a game for my friends. If I buy the bundle and subscribe, do I read it correctly that my friends have access to all my content and play for free?
Assuming you have the subscription, you can share your content with up to 24 players which means yes they would not need to pay anything.
without a membership, the amount of characters they can build is limited (without deleting a character).
7 characters from memory.