Hi,
Here's a comparison of the free version vs Pro:
http://wp-events-plugin.com/features/
Can you clarify what you mean by, "I'm looking to have a few users create events and have only their events be processed through their Paypal accounts"?
Do you mean that you'd want users to sell bookings / tickets and have payments processed through their PayPal accounts, rather than a "central" account?
Thanks.