Google needs to provide very simple native syncing apps that are equivalent to or better then Dropbox's and at the same time support several different platforms out of the gate to draw people away from Dropbox.
Yes, and that's an awful lot of work. More likely they'll launch something less functional than Dropbox, but good enough to slow Dropbox down a little while Google focuses on competing with Facebook.
From a user perspective, it'd be nice if it just came with Chrome.