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Couple of days ago Vitalik Buterin tweeted that Ethereum has no metadata limit.

Is that true? Two major questions that bothers me, as a developer:

  1. I can store any amount of data inside contacts?
  2. If so, does it mean that eth network can be abused, spammed and bumped to huge sizes for individual peer?
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Yes, you can store any amount of data in a contract, but no it cannot be easily abused.

While it is true that there is practically no limit to the amount of data you could store, storage on Ethereum is expensive, and carrying out any significant spam or DoS attack would be incredibly cost prohibitive.

See

What is the cost to store 1KB, 10KB, 100KB worth of data into the ethereum blockchain?

Can a contract's internal storage keep increasing forever?

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