Live Folder - Microsoft to lunch Online Storage

Microsoft is planing to lunch Live Folders a service for free online storage. this is done to add one more feature to the Live family. MS really want to make Live family a big hit and popular so they are adding new and new features everyday.
According to some resources they will give 500 MB space initially. Although it is very small considering that some websites are already giving free spaces in GB. AOL is one of the big name already in this field.

So now the MS Live ID can be used for storing all your documents, audio.video and anything but still in beta only.
So it maybe call LiveDrive but we don't know when it will be open to public. Maybe by then all people would have gone to other storage offering sites.