I make my own Prey Model Raw vs using commercial food. However, I do use Freeze-Dried when boarding. The facility we use doesn't allow actual raw and they meet all of our other requirements when no one else does, so I was willing to compromise.
I don't think there is any question that frozen (or even better yet, fresh) is preferable to freeze-dried. For one thing, there is a lot of moisture in fresh meat, so much so that my dog rarely drinks water. Much better for the digestive tract and kidneys. There is also a loss of some nutrients and enzymes during the freeze-drying process. I mean if you take meat and make it look like that, something has got to give, it is highly processed.
That said, freeze-dried is WAY better than kibble, mainly due to the lack of "filler", and carby ingredients in kibble, and no actual cooking. Great for treats and boarding like QM says. If you can afford freeze-dried it is a good food. But true raw is still much better.