At Google Annual Analyst Day there was a slide or two on the presentation that showed evidence of Google creating GDrive; a virtual location to store your files without using a Gmail hack. Greg Linden said Google has removed the revealing notes with slides (PDF) of the presentation. But Derrick posted a comment with the notes for those slides at Greg's blog, where GDrive is mentioned.
Garett Rogers at Googling Google tries to figure out how GDrive will be monetized. He suggests that Google may offer a set amount of storage for free and charge an additional monthly fee for added space. He also suggests that Google may offer hard drive backup services to external devices like DVDs as an additional paid service. But I may offer that Google provides a Gmail-like interface to the data on this GDrive, with ads contextual relevant to the folders and files in the drive.