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It is free of charge as long as you are under a current maintenance agreement with Oracle/Primavera.
You should know that r8 is very different from all previous releases so you will want to do your homework before upgrading. For example all global/admin functionality has been moved out of the desktop client and can only be accessed via the Web. This creates a real headache if you need to run stand-alone instances.
See: "P6 Release 8 (P6 R8) Installation And Upgrade Roadmap Guides [ID 1292064.1]" in the Oracle knowledge base.
there is also a significant change in resources needed to serve the same number of connections. So you should make a pilot to check if the load is manageable using your current infrastructure.
If you are using JBoss this could be up to 4, 6 times the previous one, using a weblogic AS (Jboss is no longer supported, while Websphere is now in the list).