This question can't be answered with either or.
Instead let's look at a product like PhotoShop from Adobe.
PhotoShop is a very complex product that allows you to manipulate pictures and create visual images. There is no chance that you will ever be able to understand just how powerful this product is unless you gain some serious expertise. So many alleys to explore so many possible ways to explore them.
Now that product exist in 4 different versions.
A Trial version that lasts for 30 days and gives you access to the entire product with all the bells and whistles you can imagine.
A Trial version that lasts for 30 days and give you access to the entire product but with a few things taken out
A light trial version called PhotoShop Elements that is limited to some very basic features and at a heavily reduced price.
Photoshop.com an online light version that is free for to use if you sign-up.
They also do educational licensing.
This works as a great funnel system allowing for a gradual acquaintance with PS.
What Adobe have done is to divide it into different models based on at what level you are when you try out PS. Adobe knows that if you are experienced or a professional designer/artist/photographer there is no way around their product. But for consumers or people who occasionally needs to use something like that the advanced features will never be interesting. They simply require to much experience.
It is therefore important to establish the right principles before you decide on this. And I would recommend you think about it the following way:
Use Trial versions if:
1. The power of your product is understandable within the trial period.
It doesn't help you to have too many features if it's too complex for users to explore within the trial period and you don't want a too long trial period.
2. Your product is well known and people know what they are getting.
If your product is one of those applications that might be complex but have a good professional userbase that understand the value you are providing. They wont be persuaded by trying it out no matter what you do, they have already made up their mind.
3. You are frequently selling new versions of the same product (Product Name1, Product Name2)
Users know your product well, no matter how complex it is they know they need the new version they just don't know if it's worth it to get the new product.
4. Your product is the de-facto market leader or the only one in it's field
This is when it's not a question of exploring whether this works. It works, everyone want's it so you don't have to waste time trying to have people explore or use fractions of it.
Use Lite/Freemium if:
1. Your product is in a competitive market
You need to get people to use your product so they can see how great it is and how much greater it would be if they just had the pro version.
2. If you are doing a complex product with a new unknown type of product
Meaning if your product is somehow hard to understand within a trial period and it's benefits won't be experienced with just 1 month of trial.
3. If getting users matter as much as customers
Will your product be even better by the number of users it has?
Hope this helps