This is really great news. Flickr is giving 1 terabyte for every users. Yes, 1,000 GB of free space. As you may know, Flickr do not resize your photo. So, that means your photos will be uploaded in the full resolution glory.
I believe this move is made out of necessity. With so many free photo sharing sites, it is difficult to get people to use a service that has limitation. With 1 TB, I believe Flickr must have calculated that not many people will reach that number. Anyway, it is good for everyone.
There is no need to do anything. It is automatically provided to your account. If you do not have a Flickr account, it is a good time to get it now.