How I Use It
Every faculty and student receives a Google Apps account that gives them access to Drive. Faculty use this app to share content with students, students use it to collaborate on projects, and administrators and faculty use it to collaborate on everything.
We also use QuickOffice Pro HD to edit docs on Drive - Drive spreadsheet editing is far easier with that app.
The Drive iOS app finally brings Google Docs to the iPad in a usable form with hi-fidelity access to Documents, decent access to Spreadsheets, and the ability to run a Presentation. (No access to Drawings as of August 2013.)
Unlike the Chrome app interface to GoogleDocs, Drive gives you real-time collaboration with others within your documents.
The Bonus: Some other apps can plug into to Drive to store content or even access docs.