According to this Flickr blog Q&A, there aren't going to be any real changes in Flickr at least for the time being:
Who knows what may happen in the future? I suppose Flickr could go to all paid accounts but that is true of any of the free pics hosting services. It could be they are all watching how well the changes to Photobucket worked. If a lot of users sent Photobucket money rather than leaving Photobucket, then other companies may think doing the same is a good business model. If Photobucket lost thousands of users then other companies may learn from that mistake.
It looks like the only thing really different for now is as of May 25, unless you tell Flickr you don't accept their new Terms of Service, you are agreeing to those Terms. Any time you get a credit card or new phone plan or have any dealing with a corporation, you are either going to agree with their Terms of Service (probably without reading them. I skimmed the Flickr Terms this morning but my eyes started glazing over) or not use their service. That is reality today.
It briefly crossed my mind to attempt to include a photo from my Flickr account in this post just to see if I can do it. My experience in the past is every time I try to do so, Flickr has done an "improvement" and I'm unable to find the URL of the pic to post. But I don't think I want to risk that level of frustration so early in the day. Maybe later.