Most people can't use Google+ because it's invitation-only, so the current rules still apply to them: only the photos up to 800 x 800 won't count towards their free storage quota.
Like Google Buzz, Google+ uses Picasa Web Albums to store photos. You can upload photos from the Google+ interface and even automatically upload the photos taken with your Android phone. Google+ lets you add captions and name tags to your photos, rotate them and apply different filters using the built-in image editor. Now your friends can tag your photos and you'll receive a notification when someone tags you in a photo. The downside is that "tagging a person in one of your photos in Picasa Web Albums or Google+ will share the album with the person tagged".
{ Thanks, Калоян. }