Using normal formatting tools, each partition will be formatted with 16kb clusters. Catch is the X-Box only seems to use three bytes to address these, and if you do the mathes that means you'll only be able to use 256gb worth of space.
(Try and put more on and you overwrite the file table, causing bulk deletion of your data!)
XBPartitioner gets around this by letting you format with 32kb clusters, meaning that you require half as many clusters to cover up to 512gb worth of space. Try and put on more data then that, and there goes your data (again).
However, you can make two large partitions, labeled as F and G. By evenly dividing your 1tb worth of space between these you shouldn't have any issues. In theory you could use an even larger drive by doubling the cluster size again or pulling out another partition label from somewhere, but I don't think there are tools to do this yet (I've never even heard of someone trying a 1tb drive before).
Note that as far as I know you can slap as much space into a partition as you like. You'll only run into problems when you pass the 256gb/512gb thresholds I mentioned before by actually putting data onto the drive.