Weird name. May not stick. This is Google's impending cloud-based storage system, the name and some screen shots being pushed online accidentally. Some users of online forums found this nascent service and began spreading word of it far and wide. Tech Crunch contacted Google about it and received this response:
Oops... looks like someone pushed some code too quickly. It's not quite ready for prime time yet but stay tuned!
One might ask why Google doesn't just acquire Dropbox using The Giant Mountain of Money they have lying around but this would certainly seem to compete.
Another thought: if and when the Chrome operating system arrives, you could have a Google OS with a hard drive built in. You'd barely even need a computer at that point.