ZDNet points out that Google is planning a new online storage space, similar to what Box.net offers, as reviewed here. However, there is one key difference to note about GDrive. GDrive is said to map to your computer like a simple network drive, enabling drag and drop usability. It would essentially function as a G:\ drive in Windows. GDrive is Google's response to peoples' Gmail hacking efforts attempting to create things like the Gmail FS and other creations that currently allow people to string together multiple Gmail accounts for seemingly unlimited online storage space. While being able to access GDrive as a mapped network drive, I really hope they have a good web interface with it as I won't always be so keen on wanting to connect to a network drive when I'm at another computer.
With infinite storage, we can house all user files, including: emails, web history, pictures, bookmarks, etc and make it accessible from anywhere (any device, any platform, etc). We already have efforts in this direction in terms of GDrive, GDS, Lighthouse, but all of them face bandwidth and storage constraints today.