Free listed pages are wasted memory because they are what the name implies, free. Standby pages are pages which haven't been modified at all, (or modified pages which have been written to disk) and are available to be overwritten when the free page list is exhausted.
Every software package is different, even the most abysmal software like Norton doesn't always affect users. However, there is usually a correlation. If it isn't causing problems, there isn't a reason to remove it.