Yes, that is correct. Flickr recently announced one full terabyte of free space for all your photos and videos. The amount of free space given out is simply staggering. It should be enough for the vast majority to upload and keep all their photos online.
Of course, you would upload and keep all your photos at full resolution unlike the earlier space and resolution limits at Flickr for free accounts. As before, you can still connect to Facebook, Twitter etc. to share your photos. For the limits and the different account types, check out the new Limits page on Flickr.
Personally, I feel this is a big move and I hope they follow it up with better applications for devices and desktops to make this service a huge success.
All the best Flickr!