I mean the free speech of anyone who doesn't have $N million needed to fend off a civil suit. If cases like this and the MJ one become common-place, there's a very real risk of chilling effect.
Incidentally, I think it's probably possible to allow Thiel the ability to sue Gawker into the ground without also having a system where genuinely legal free speech is reserved for people who can afford massive financial risk. So there's absolutely no reason for you to disagree with me just because you think Thiel in on the right side of the Gawker issue...