Former TOT Bellhop here! Must have ridden this attraction hundreds and hundreds of times. So it's a definite smooth free-fall feeling, however, you're not really free-falling. The ride vehicles are actually being pulled down. Fun fact!
There are also different ride sequences - some have larger drops, some have smaller/more frequent drops. You won't fall top to bottom every time you ride. Basically, there are different combinations and you don't know what you'll get (and CMs have ZERO control over the drop sequences!)
We frequently had guests that were fine on RnR, but couldn't handle TOT because of the "drop" feeling. I found that fascinating, but I love both!
I always recommend everyone trying TOT at least once, as many times people learn the buildup to the ride is worse than the actual attraction itself. But if you don't ride, at least walk through the attraction. The theming and ambiance are truly second to none.