Most existing multimodal collaborative filtering recommendation (MCFRec) methods rely heavily on ID features and multimodal content to enhance recommendation performance. However, this paper reveals that ID features are effective but have limited benefits in multimodal collaborative filtering recommendation. Therefore, this paper systematically deconstruct the pros and cons of ID features: (i) they provide initial embedding but lack semantic richness, (ii) they provide a unique identifier for each user and item but hinder generalization to untrained data, and (iii) they assist in aligning and fusing multimodal features but may lead to representation shift. Based on these insights, this paper proposes IDFREE, an ID-free multimodal collaborative Filtering REcommEndation baseline. IDFREE replaces ID features with multimodal features and positional encodings to generate semantically meaningful ID-free embeddings. For ID-free multimodal collaborative filtering, it further proposes an adaptive similarity graph module to construct dynamic user-user and item-item graphs based on multimodal features. Then, an augmented user-item graph encoder is proposed to construct more effective user and item encoding. Finally, IDFREE achieves inter-multimodal alignment based on the contrastive learning and uses Softmax loss as recommendation loss. Basic experiments on three public datasets demonstrate that IDFREE outperforms existing ID-based MCFRec methods, achieving an average performance gain of 72.24% across standard metrics (Recall@5, 10, 20, 50 and NDCG@5, 10, 20, 50). Exploratory and extended experiments further validate our findings on the limitations of ID features in MCFRec. The code is released at https://github.com/G-H-Li/IDFREE.