It was announced early this summer that the PlayStation Cloud will increase from 150 megabytes to a full gigabyte, and that previously announced update will be coming tonight.
The limitations with the small cloud space will be a thing of the past. Personally, I've hit the wall that the 150 megabytes offers, but I wonder what else the full gigabyte is meant for besides the saves. Regardless of its full intentions, we will have a lot more space dedicated to backing up our save files.
Via PS Blog