Q: Is not having free will a good or a bad thing? Should one be happy or miserable understanding that there is no free will?
A: The understanding that there is no free will is the one of the most liberating realisations. It means that everything is unfolding perfectly. It means that you cannot make a wrong decision. It means you can relax and enjoy life, knowing that everything is meant to be exactly as it is.
However, it does not mean that you can stop making decisions, stop doing your best in every situation, or stop re-aligning your mind/body with Truth. On the contrary, knowing and living the message that there is no free will means that you embrace the appearance of free will ever-more fully. That happens naturally because you see your Self in every thought, every feeling, every situation, every person. You know them to be made of Love, to be an expression of Consciousness. And that is pure Happiness.
Q: I didn't understand the last few statements. In my case I feel free will is liberating at times and at times it is full of bondage.
A: Yes, the idea of free will is liberating anytime we want to remember that we are not the mind/body, and then "choose" to turn back towards our Source and recognise our True Self.
It is full of bondage any time we believe that we are separate from the Whole, and act from this belief in separation to try and find Peace and Happiness in objective experience.
Please let me know which statements you didn't understand, and I'll do my best to clarify them.
Q: I assume I have the free will to not identify with the body/mind and identify with Consciousness, or am I wrong?
The appearance of free will happens when we identify with the body/mind. Since we are then separate from others and the world, there is the appearance of a separate thinker/doer who makes decisions and acts upon them.
When we identify as Consciousness, thoughts appear effortlessly (no thinker) together with decisions and actions. There is no free will.
So, in a sense, you are right - when you identify with the body/mind, there seems to be the choice to identify with Consciousness instead. In reality, however, you never were the body/mind, and as such there isn't the choice to not be it.