With rich collaborative features (well nothing new though) it lets you create new documents, spreadsheets and presentations instantly and enables multiple users to work on them at same time from as many locations with a suite of document edition tools.
The pricing compares with Microsoft's launch of Sky-Drive recently that offers more value with its 100GB for $50 a year. What more, it also offers a mega space of upto 16 TB of storage with an enterprise level agreement.
It would have made sense to extend the delay a bit further and launch with a full on support across the board including iOS to have a better user penetration, however i guess the strategy may have been to reach android users first given that the launch is not for the whole world yet. If you are an existing google user, you may see a "Notify Me" link on google drive page. Couple of you may have been lucky to be allocated a storage to use already.
There are not many killing features as such to say Google Drive will out perform the key storage vendors like Box or Dropbox and will end up with good number of conversions at-least for now. The drive is most likely to see linking up to other google products like GMail, google plus and docs eventually, it may be too late and too less to really get ahead of the game. But given that its Google success is imperative.