Drive will fulfill the unfulfilled promise that was GDrive, which nearly launched five years ago, but was instead stillborn. Set to launch in late 2007, it never did, but the multitude of mobile devices and a need to store data online has created room for products like Apple's iCloud and Dropbox, which says that as of October 2011, it had more than 45 million users who saved one billion files every few days.
As you might expect, Google Drive will be added to Google Apps, its suite of online software that the company sells to businesses. In that space, Drive would compete with Box.net, which sells cloud storage to businesses.
Although the news is welcome, the date remains vague. The WSJ said the service could launch in weeks --- or as far out as months. There will be a basic free package, but those who wish to store a large amount of data can pay for additional storage (nothing new there, meaning that it's a scenario many such services use).