It's definitely overdue for a company as Internet-centric as Google is. Just this week, Microsoft announced a SkyDrive expansion and DropBox made sharing of files or folder far simpler.
Other entrants like Amazon.com, Box.net and Apple mean this market segment is only going to get bigger.
As expected, the Google Drive service gives users 5GB for free. It's available, also as expected, for Android, PC, Mac, with iPhone and iPad coming soon.
One caveat: clicking on the Get Started button sends you to a page where Google tells you they will let you know when the Drive is ready.
You can upgrade to paid tiers, as well. You can upgrade to 25GB for $2.49 a month, 100GB for $4.99 a month or even 1TB for $49.99 a month. In addition, if you upgrade to a paid account, your Gmail account storage also expands, to 25GB.
In addition, the Google Drive is an open platform, so the company is already working with third-party developers. An example is the HelloFax service, which launched an app that provides free faxing and document signing from inside Google Drive.
There are also video editing and website mockup apps, all in the (where else) Chrome Web Store.
Google has released a video on Google Drive, as it usually does with a product launch. You can see it below.