Have you looked at any of the example game templates? Most of them don't even go past 20 events...
There is a lot you can do with 50 events. More than enough to try out the software and see what it is capable of, and make an informed choice about weather or not to buy it.
I believe the free version is meant to give you a free demo and a feel for it's capabilities before making a purchase. In that endeavor it succeeds admirably.
Rather than complain about what is and isn't available for free, why not try other free alternatives? Godot comes to mind (will redact if any authority deems this inappropriate), as well as others that were mentioned already. If you try it and end up back here, maybe Scirra is on to something - namely that they have created something worth paying for to unlock the full capabilities of. If not and decide the other software works out for you, no need to post here then right?
Regarding the difference between $50 and $99 a year... no offense meant but I'm going to assume you don't have a job (which is perfectly OK! Everyone starts there). In all seriousness, in the event that you are not in the position to obtain a job, but have time to spend, throughout the history of C2 there were many opportunities to score a free copy of C2, given you were willing to invest some time and effort into doing so. Not to mention possible sales and promotions. Especially considering it is well within reason that purchasing this software will enable you to make money back from it if you are dedicated.