It’s official. Google Drive, Google’s much talked about online cloud storage service, has finally gone live, after much speculation and rumors surrounding it. Google Drive will be mainly competing with DropBox, SkyDrive and iCloud. Signing up for a Google Drive account (which you automatically get signed up for if you have a Google account of course) gets you 5 GB of free online storage space (along with 10 GB of Gmail storage and 1 GB of storage for Picasa), which can be extended through paid plans starting at 25 GB at $2.49/month.

Google has released the Android version of the Google Drive app in the Play Store, which replaces the existing Google Docs app. Google Docs has been announced to be an integral part of Google Drive, letting people create and collaborate on documents. Google Drive can be used to access your photos, documents, videos and pretty much anything that you store on your Drive account, and also to upload files right from your phone.

Head over to the Google Drive page on the Play Store here, or open the Play Store (Android Market) on your phone to download and install Google Drive, or to update to Google Drive if you have the Docs app already installed on your phone.

So, are you excited enough about Google Drive to start using it, or will you still be using your DropBox account, or maybe both? Do let us know in the comments!