I just attended the Denver SharePoint Fest last week and went to a key note where some cool new features of Office 365 were discussed. Some of the features are available now, while others will be available shortly. The presenter spoke quite a bit about One Drive for business, which is the 1 tb of storage you are referring to. Microsoft is investing heavily in One Drive, so it's a pretty safe bet that it will keep improving and getting new features. They are close to overcoming the file size limit, which right now is 10 gb.

They are introducing a YouTube-like service that is pretty cool. It will allow users to quickly upload, tag, and share videos. If you are a small business, this may not be that cool, but for large corporations it has a lot of potential in areas such as training.

The thing I am most excited about is Delve.

http://blogs.office.com/2014/03/11/introducing-codename-oslo-and-the-office-graph/

Delve has already been released. It makes it super easy to find what you are looking for across all your Office 365 products, including email. One thing I hate is spending time trying to find an email that I received some time ago. Sometimes I spend a lot of time finding an email that I had already found. With Delve, finding important things will be easy. Delve categorizes your content and will display it to you based on what it thinks is most relevant. When you go to Delve, it will show you content that you use or search for frequently. The blog I linked to above probably does a much better job of explaining it.

Anyway, Office 365 is cool and is very important to Microsoft. The new Microsoft CEO has said cloud and mobile are their priorities and Office 365 is their cloud solution. You can bet that they will continue investing heavily to improve it.