Here's the catch and why it's of no interest to me.
The exclusive partnership allows Getty Images to invite Flickr members to participate...
In theory I'm supposed to upload my best photos to Flickr in hopes that someone from Getty might discover them. Meanwhile they will be up on a site that's noted for photo thieves, turning them into free photos.
If by chance Getty finds my photos interesting, the Getty Micro division

will then sell them on an exclusive basis. I'm not sure about their exclusive definitions.
The proposal seems flawed in many ways.