1TB/s is nothing in reality. Lets consider that fiber optics have been able to push beyond that for years:
http://www.extremetech.com/extreme/192929-255tbps-worlds-fastest-network-could-carry-all-the-internet-traffic-single-fiber
That is roughly 32TB/s and that is not even the top limit. Every time they think they hit the limit to fiber they find another.
In the end will be latency. 1TB/s of memory bandwidth between the VRAM and GPU will allow the latency between them to be cut down and thus improve performance as there will be less time for the GPU to wait on what it needs to throw out.
It all has to be seen though. I am sure it will just sit there until the rest of the PC catches up. Considering nVLink and Intels 3DXpoint I don't think we will have to wait long for the rest of the PC to catch up to HBM in bandwidth, especially since HMC should also be coming out soon.