During a livestream from Bethesda today talking about Fallout 4 mods, the publisher revealed that there is a limit to the size of mods on consoles: 2 gigabytes.

They also revealed that there will be a "Mods" option from the menu, and that after linking your Bethesda.net account, you can browse and install all the available mods.

Additionally, they mentioned that players will not be able to get achievements when they have mods installed due to "first-party considerations".

Mods will also create a new save file when activated.  That way, if something happens with the mod that causes you to lose progress on your current save file, you can still go back to a safe version of the game that does not have any mods.

Fallout 4 mods are going to launch on Xbox One May 31st and on PS4 sometime in June.  Fallout 4 is out now on Xbox One, PS4, and PC.