Finally, the picture limit for backups will be removed with the arrival of iOS 8, which should be available within the next 1-2 months. There are quite a few additional interesting updates to this latest update, which I will highlight in the coming weeks.
iCloud Photo Library won’t just store 1000 pictures for up to 30 days, it’ll store all your pictures — and all your videos — for as long as you want, up to as much storage as you’re willing to pay for.
Further details explained at link below:
Tech Spinning 