Are there any decent free Java data plotting libraries out there?

Live Graph supports real-time rendering.

I've had success using JFreeChart on multiple projects. It is very configurable. JFreeChart is open source, but they charge for the developer guide. If you're doing something simple, the sample code is probably good enough. Otherwise, $50 for the developer guide is a pretty good bargain.

With respect to "real-time" data, I've also used JFreeChart for these sorts of applications. Unfortunately, I had to create some custom data models with appropriate synchronization mechanisms to avoid race conditions. However, it wasn't terribly difficult and JFreeChart would still be my first choice. However, as the FAQ suggests, JFreeChart might not give you the best performance if that is a big concern.

I just ran into a similar issue (displaying fast-updating data for engineering purposes), and I'm using JChart2D. It's pretty minimalist and has a few quirks but it seems fairly fast: I'm running a benchmark speed test where it's adding 2331 points per second (333x7 traces) to a strip chart and uses 1% of the CPU on my 3GHz Pentium 4.