My understanding is that the UFC Fight Pass (or something like that; it's that package Chrom is talking about) was put out there because of the global expansion by the UFC. They will cater to the local market (in this case, China) by airing the fights in primetime for that part of the world. You can still watch the events for free, but they're on at a different time due to the timezone difference (probably at a very inconvenient time here in the States, like 5am or some shit). But if you want to watch them on your own time, you gotta get the package (or just DVR it if you have that option). They added in some more filler stuff to the package like a UFC fight Library and past events and all that to make it more appealing.
IMO it's no big loss or anything like that. The cards that you would be missing if you don't have the package are all going to be really, really lame anyway, since they are catering to the local market. So this one was full of a bunch of B-level Chinese fighters, just like one in England would be filled with a bunch of English and Irish cans, and so on, and so on.