Using Google Drive users to can upload and access all file types, including videos, photos, Google Docs, PDFs etc.
Google has also released the Google Drive application which can be installed on a Mac or Windows PC to sync files locally, similar to the way DropBox works. A Drive application is also available for Google Android devices, with the iOS version coming soon.
Even though 5GB of storage (Ed: Now 15 Gb) will be free to all users, Google will also offer more storage for a fee: 20 gigabytes for $5 per year, 80 gigabytes for $20, 200 gigabytes for $50, 400 gigabytes for $100, and one terabyte for $256. The maximum storage you can purchase is massive 16TB.
So along with DropBox, Box, Microsoft etc Google Drive is now a viable alternative for your cloud storage requirements.