So what does this do? The UK is going to clamp down on immigration? I'm presuming it's mostly middle east immigration. Does this also mean the residents of the UK can't freely move/work throughout the EU?
And they no longer need to send billions to the EU? What were they getting in return for the billions?
Bolded has nothing to do with membership of the EU (which is a big problem in this kind of debate though with Farage emulating Nazi propaganda you could think otherwise). If you are refereeing to the Syria, Iraq and Afganistan those are refugees or asylum seekers which don't count (while they should register asylum in the first safe country they enter in I think the EU is right to try and tackle this better than Greece and Italy getting them all...as those are the first EU countries in the typical routes).
The immigration matter was a prime minster made a daft "no ifs no buts I'll get it down to tens of thousands by 2015" which isn't possible even without free movement (as even the non-EU migration far exceeded that ridiculous target). I don't blame Eastern Europe coming here to take advantage of employment opportunities in the lower end (there are record numbers of people in employment now). Sadly the media wanted to paint a myth of they get here then bring their families to leech on our benefits and steal our jobs (and yes it is true some warehouse jobs were conducted entirely in Polish and only advertised in Poland). The myth of public services can't take the numbers was furthered by the fact remain didn't want to answer that with the hard truth that "yeah this your prime minster speaking, actually that is the governments fault, 6 years of spending cuts leaves things like a shambles, huh?".
As for what happens next. That is all to be negotiated. Given vote leave were fond of a Norway style deal that would mean free movement is unchanged and we probably be expected to make contributions to the EU still (that kind of outcome would be all this for a worse deal and completely disillusion people even more). In terms of what we were getting for our membership, some sectors were heavily reliant on it (agriculture) while others really pushed above their weight (like research) and minus these rebates the membership fee still costs mores but it granted a lot of intangible benefits like visa free travel.