Not entirely sure, but it looks like a new branding of Google Drive. Can't tell from the announcement if there's more to it than that though.

edit: Maybe more of a compilation of google apps for business with drive?

It's the existing paid extra Drive Storage that (despite the name) provided storage from Drive, Gmail, and Photos.

It's being rebranded to separate it from Drive.

And they have firm plans to make it family-shareable soon, and less firm plans to bundle other ancillary benefits with it down the line.

Seconded. I hate these kind of vague announcements. Best I can tell is it's Drive plus... something? Hard to get excited when you don't know what it is.

My takeaway is a large cloud storage plan that's cheaper than what they had before.

It's the future.