Famous Agent,
the reason hernando cortez is saying that holding is cheating is because he refers to the game we all love : the real board game of RISK.
The freestyle option has been implemented by Lackattack to make the games faster, not to ruin the idea of playing the boardgame. Incidentaly, some people saw the advantage of holding and took this as a new strategy. It IS NOT AGAINST THE RULES, but this is more a moral discussion than a disscussion about rules. RISK is a game. It is made in such way that people playing it have fun. The problem with people who are holding is that they get the average fun of the players down.
Most of the time, there is only one "holder" in a game making this game no fun for the other 5 players. It goes against one of the most important moral unwritten law : "Your freedom ends when it takes out the freedom of others." It is the same thing with fun.
I know holding can be a HUGE advantage in a game, but it ruins the hole point of a game: having fun and enjoying just to play. That is the reason why people get pissed off, because holding is taking away the part where people enjoy playiing this game.
...Long post...

I hope some people can take what I said with some maturity and change their habits to get this game a little more "fair" to everyone.