First details said the service would launch with 1GB of cloud storage, but later, we learned that instead the Google Drive will have 5 GB of storage free. That's a good move on Google's part, as it tops the space offered by one top rival, DropBox, which offers up 2GB of free cloud storage.
At the same time, other rivals, such as iCloud and Box each offer 5GB of free space. Box even had a recent promotion where Android users could expand their free space to 50GB by simply logging into the Android client.
The Google Drive is a natural extension of Google's own Docs services. Exactly how it will work is unknown, but according to reports, it will integrate (somehow) into the operating system, so that the drive is exposed as one or more folder.
It was earlier tipped by a Google support document that the service will allow document editing within the Google Drive app. It seems clear that there will be an Android version of such an app; an iOS version will undoubtedly take longer to get past Apple's curation steps.
As far as when all this will happen, it's very near. The report says that the service will launch mid-next week, perhaps Tuesday or Wednesday.