Office 365 subscribers will now have unlimited OneDrive storage for both the consumer and business version of Office 365. The storage limit was 1 TB prior to this announcement.
Unlimited OneDrive storage and Office starts from $6.99/month, where as Dropbox still charges $9.99 a month for 1 TB of storage but you don't get Office suite with it.
While unlimited storage is another important milestone for OneDrive we believe the true value of cloud storage is only realized when it is tightly integrated with the tools people use to communicate, create, and collaborate, both personally and professionally. That is why unlimited storage is just one small part of our broader promise to deliver a single experience across work and life that helps people store, sync, share, and collaborate on all the files that are important to them, all while meeting the security and compliance needs of even the most stringent organizations.