So I'll readily admit FFA is my favorite gametype in RTS, and starcraft 2 is no exception to this. As I am about to play my 700th FFA (348 wins 698 total played, about 50% win rate), I had a few thoughts about the state of FFA.
1: Zerg sucks in FFA.
I feel uniquely qualified to say this, since a lot of my wins, and most of my losses, come from playing as Zerg in FFA. It's a sad fact, but in the lategame situations FFA put you in, zerg just can't handle the 200/200 Terran and Protoss armies that are fielded. This may change with 1.3 and improved infestors (as it sits, infestors are one of the few things that keep you somewhat viable in lategame FFA today, so improvements should help). If you are a die hard zerg and want to play FFA, my best advice to you is to focus your attention on keeping all enemies off gold expos at almost all costs, and make sure you have a dozen or more infestors late in the game as they become a versatile way to do damage around the map at low cost, and can save you from REALLY nasty enemy force compositions. In short, if you want to -win- in FFA, your best bet is playing as Protoss and Terran.
2: Terran is ridiculous.
Terran is flat out purpose built for FFA. My winning percentages as Terran are borderline disgusting (80%+ at least, I go on 10-20 game win-streaks playing as T in FFA). When I'm playing Terran and hit the lategame, I can effectively completely ignore any zerg still in the game because they pose literally ZERO threat to my unit composition (6-12 ravens with PDD/HSM+200/200 terran army = zerg can't crack you even with a massive resource advantage). Hellion drops make for -incredible- ways to do mass damage in the midgame, reapers can out-right kill an early opponent, and there are half a dozen other fun ways to attack or defend at low cost. I can turtle like a beast and hold 1-2 expos, and thats all I need to put together a game-ending force. My units are strong by themselves, but what really makes Terran FFA lategame shine is Ravens.
3: Protoss are pretty nicely equipped for FFA.
Good strong rushes combined with great lategame units really make protoss shine in FFA. While I'd still say Terran is the strongest FFA race, Protoss certainly takes up a close #2 position. Early on a quick 4-gate can eliminate a close opponent (who is likely to be macro'ing) and allow for a reasonably fast expansion - and similarly the 4 gate can fend off any enemies who were attempting to rush -you- instead.
Lategame you have a good variety of composition to draw from, and some nice spellcasters (don't forget the usefulness of FEEDBACK, especially against a raven-abusing Terran). Void rays are still one of the best lategame units to mass in an FFA, possessing remarkable power, versatility, and mobility. This is especially true once you utilize a mothership properly (and by properly, I mean by keeping it at home, and utilizing it as an EMERGENCY ESCAPE button - put her on a hotkey and if your fleet gets in trouble you simply hit the hotkey and recall the whole fleet out). There is rarely an instance where bringing a mothership to the front line is a good idea in an FFA. It's far better to use her to keep your existing forces alive and well as they buzz around the map slamming expos and mains. Abuse this and KEEP YOUR FORCES ALIVE. You don't want to trade armies - engage on your terms when you have a clear advantage until you're the last person on the map with a fleet still flying. This also goes for carrier fleets and even stalker armies to a lesser extent. If you -do- stay ground, remember to utilize feedback, as it can help manage the enemy forces most likely to do damage to your forces.
4: Ravens are the single most abusive unit in SC2.
UPDATE: An example FFA where I use ravens to absolutely abuse a master-level Zerg who has a 50,000 resource advantage.
http://www.sc2replayed.com/replays/150623-ffa-terran-zerg-metalopolis
Although you don't see them in great numbers flying around in 1v1, in FFA ravens become destroyers of worlds. 6-12 ravens flying around totally change the dynamic of the game. PDD completely invalidates zerg as a race late in an FFA. HSM + your forces either scatters your enemy for easy kills, or completely obliterates them if they stay clumped. This is especially true vs the typical lategame unit compositions (it's very fleet-heavy in FFA, and HSM obliterates fleets). Autoturrets are just icing on the cake, giving you a quick harass option to stop the occasional expo or hold a cliff from light attack without spending cash.
5: Rushes are still a big part of FFA.
One of the most effective winning strategies for FFA is to kill your gold-sharing opponent early and take over half the map while the other 2 enemies are squabbling. That said, don't be afraid to abandon a rush and macro up if the enemy is properly defending. Also remember, rushing can create an unreasonable enemy who will hound you for the rest of the game. If your rush fails it is very important to balance this risk. A few words can help immensely here. Compliment them on their hold ("nice defense purple, seriously") and then try to divert them to a new threat ("oh crap, protoss has mass voids and is expanding everywhere"). You might only get your enemy's attention diverted half the time, but as the saying goes, you miss 100% of the shots you never take. And that brings us to....
6: Diplomacy is important.
I'll give you a good example.
I mentioned above that taking out a gold-sharing opponent raises your chances to win massively. To this end, if you notice one of your opponents manage to take out HIS gold-sharing opponent, the smart move is to try and organize some kind of tenative cease-fire with the opponent on your side of the map, at least until player 3 is knocked down a notch. During this cease fire, remember that while backstabbing can be fun, it will likely turn this enemy against you for the rest of the game, regardless of what is happing elsewhere on the map. For this reason, only backstab when you're clearly in a position to hold both remaining enemy players in a weakened state. Also remember, there can only be -one- winner in an FFA, so your newfound friend WILL attempt to backstab you eventually. Try to be the stabber and not the stabbee.
7: Always remember the FFA metagame.
Just because a couple players are clearly stronger than you on the map doesn't mean all hope is lost. Keep your scouting up and be smart with your diplomacy. Gain support of the weaker of the two players and launch attacks against the clearly stronger enemy. Kill his expos, attack when he's out of position. Don't be afraid to assist a weaker player, especially if he is a buffer enemy between you and the really strong opponent. Often times when your enemy finally pushes through this buffer opponent, he will be weak enough for you to finish off. Plenty of my games have been won from a remarkable disadvantage simply due to smart play of the metagame.
8: Don't be singleminded.
In the same way, don't be SINGLEMINDED! There are 3 enemies on the map, focusing every ounce of your energy into just one of them is a surefire way to lose. If your enemy proves to be a tough nut to crack, you're far smarter to pull back and macro up rather than continuing a long drawn out war of attrition. This ISN'T 1v1 where you push a tiny advantage all the way to victory. If you can't kill them easily, it's better to wait until the situation changes. Engage on -your- terms.
9: Holding grudges loses you games.
I know it's tempting to launch everything you have against the guy who crippled you early, but holding that grudge when there's a clearly stronger enemy elsewhere on the map is just going to get both of you killed. I respect that it feels good to cost someone the game (and sometimes, even I partake in this ritual), but
10: 5-8 player maps SUCK when you don't have 5-8 players.
The massive maps almost always set someone away from the rest of the pack and allows them to expand vigorously into the open space. It takes away the strategy and fun of an FFA and provides far too many resources for 4 players to mine down. Veto these pieces of garbage unless blizz decides to give us 5-8 player matchmaking.
11: I really wish FFA was ranked.
They rank 4v4, a gametype that is absolutely soaked in pure luck and completely imbalanced, it makes no sense that I can't have some sort of ranking for my FFA play. I would love to look and see how I stack up against other FFA players, and I feel it would bring more players into the FFA fold. I'm not asking for too much here. I want warcraft 3 style FFA, blizz knows how to do it, why have they forsaken me?

The games can be just so much more epic, nothing like having to go through all three opponents to win or coming back from a huge disadvantage by manipulating others.