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I do put bread in the fridge if I don't think I'm going to finish it quickly. Bread does dry out in the fridge, but if you don't think you're going to finish the loaf in 3-4 days, what's left will dry out anyway in the cupboard and probably go moldy. If you toast your bread, you won't notice any dryness from refrigeration anyway.
The fridge does extend bread life: a couple of weeks or more without mold if it doesn't get wet -- but again, you want to toast it when you use it if you let it go that long.
I don't freeze bread; my mother used to. I don't buy so much at a time that I need to. I can't say what freezing does or does not do to bread, but if you've got a lot of people around who eat a lot, freezing lets you keep more bread in reserve than you could otherwise ('cause it'd go bad).
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