More information can be found in the official Google Drive Site Publishing announcement. An example site server from Google Drive is this: https://googledrive.com/host/0B716ywBKT84AcHZfMWgtNk5aeXM
Currently there's no word on bandwidth or other limitations.
It's a nice way to publish some stuff on the web like a personal starting page or a resume without having to search for free or paid hosting sites. Any other ideas on how you are going to use it?