Hallelujah is all I can say (although I have speculated that this would eventually happen previously).
This update will bring two key enhancements for Sites in Office 365 and OneDrive for Business. First, you will be able to upload files greater than 2GB - up to 10GB - to both Sites' document libraries and OneDrive for Business. We, too, will provide a greater amount of default storage for Office 365 Sites usage (for documents and information); Office 365 tenants will now get 1TB + (500MB * # of E/A/G users); this calculation used to be 10GB + (500MB * # of E/A/G users).
Yeah, Yeah and Yeah! Team Sites go from 10GB starting to 1TB starting! Yeah, Yeah and Yeah again!
It is listed as under development and I can’t wait because having Teams Sites starting at 10GB and OneDrive For Business starting at 1TB per user made many businesses think of OneDrive for Business as a team collaboration solution (which it ain’t what it was designed for).
Think about this, 10GB to 1,000GB per Team site for every new and existing Team Site. That is a 100x increase in one hit! The exponential power of the cloud.
Hallelujah is all I can say (now just gotta wait for it roll out).