These are the key points
"the ability to share restricted and moderate content will be reserved for Flickr Pro members. "
"we’re limiting free accounts to 50 non-public photos "
"The above changes mean that for free accounts, photos over the 50 non-public photo limit or any moderate or restricted photos will be at risk of deletion. "
So no restricted or moderate material for free accounts.
I think the interesting words are "at risk" and there is still a lot of this material out there on Flickr so I don'r know if they will be able to keep up with the serial collectors and re-posters.
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