Microsoft released Windows Live Folders today.
Its a nice application and very useful too. It has got the Vista look and feel and is well integrated with the Windows.
If you are using Microsoft OneNote, you can save your notes directly in Live Folder.

Currently they are offering 500MB of free storage which i think is little less. But good enough if you store only documents and not the media content.

I use to store my files but won’t mind shifting to Live Folders. Just don’t want to maintain too many User IDs and Passwords. comes with a modest 1GB free storage and is feature rich.

Next thing would be to have a Live folder gadget for Live Spaces.