Google Drive is a brand new file synchronization product that allows users to centrally store all of their files in Google Docs.
Google Drive is integrated into Google Apps and replaces what was previously known as the Google Documents List. Files can be accessed via a web browser, the Google Drive client, and the Google Drive mobile app.
Google have increased the storage limits from 1GB to 5GB worth of free storage space, you'll see that change instantly, even before you activate Drive. If you need additional storage it can be purchased on a monthly basis.
Google Drive brings numerous changes to Google Docs:
What’s completely new
Sync files between all of your devices with Google Drive for your Mac/PC
Download the Drive mobile app for Android (coming soon for iPhone and iPad)
View and search Google Drive on the web in a visual way with grid view
Add a file to a folder by clicking the folder icon within a file or Google document, spreadsheet, or presentation
Work with more file types by installing Google Drive apps from the Chrome Web Store
Collections are now called folders
More things have been added to the Settings menu, including upload settings
The left navigation has new views: "My Drive", "Shared with me", and "Activity"
The Home view is gone. Instead, use My Drive to organize all of your files, folders and Google Docs.
Google Drive access will be rolling out to all domains over the next 4-8 weeks and can be accessed from drive.google.com