Windows Live SkyDrive provides password protected 1 GB of free online storage, available from any computer with Internet access and a browser. All file transfers are protected using Secure Socket Layers (SSL). You can create personal, shared, and public folders, rename them, or change who has access.
Using the personal folders, you can back up important files that are only for you and access from any computer with Internet access by signing in with your Windows Live ID.
Shared folders make it easy to collaborate with coworkers or classmates. You decide how much control each person has over each shared folder. Some can just read what’s there, others can add and delete files. The friends you are sharing with, need to sign in with their own Windows Live ID and password.
With public folders, anyone on the Internet can just view your files, but they can’t change them. To show your public files to others, just send them a link, each folder and file has its own web address.
I hope Microsoft will soon increase the size limit from 1GB. It would be great to have a client application which will be available as a drive, let us say, W:\ in Windows providing easy access to the SkyDrive from desktops.