My Take
I love this tool for individual work and collaborative editing on multiple documents. If students log in with their own ID, they can share documents using the drive and collaboratively edit at one time for practice, homework, or in a flipped classroom environment. It is amazing to use over long distances and we have had success using it with students in different time zones and internationally. The best part of being a teacher is watching the editing happen at once as each student cursor shows up in a different color.
How I Use It
We use it with parents and students in collaborative learning with online homework and we have used it to help define vocabulary together and use it as an online thesaurus which is student created. We have written a legislative brief with a lobbyist in Washington DC and the students have contributed to online learning blogs using drive as the mechanism for peer feedback and review. I am sometimes frustrated with the formatting, and the editing can lag behind and be slow at times, but it is a strong tool overall.