This could be useful as long as you treat the storage as essentially public, and don't rely on it being there in the long term.
I do photography for friends and often need to share multi GB photosets. I use mega.co.nz (the megaupload spinoff) instead of dropbox because they give 50GB free. Once I've shared the files I don't really care if the service stays around, and I'm not worried about anyone stealing this content.
I'm not sure I would trust storing my files using a service from China. Maybe that sounds rude, but I feel like there is a demonstrated timeline of trouble here....
That amount sounds outrageous. I wonder if they can keep backups of all that stuff.