Seems like Google is jumping in the bandwagon with the popularity of free cloud storage storming the web like those of Dropbox and Sugarsync. Google launched today Google Drive, offering free 5GB storage and paid storage of up to 1 TB.
According to Google's official blog:
Today, we’re introducing Google Drive—a place where you can create, share, collaborate, and keep all of your stuff. Whether you’re working with a friend on a joint research project, planning a wedding with your fiancé or tracking a budget with roommates, you can do it in Drive. You can upload and access all of your files, including videos, photos, Google Docs, PDFs and beyond.
At the moment, Google Drive is still not available locally and when you go to the site, you'll be able to sign up but Google will notify you later when you can start using the storage.