How does 25GB of free online storage, a free version of Microsoft Office (including OneNote), file access on mobile devices, and an automatic synced backup of up to 5GB on your PCs and Macs sound to you? Too good to be true? All of this is available right now if you have or are willing to create a Microsoft Live ID.
Before we go on, just a friendly reminder: Storing sensitive or confidential material in the cloud can be a risky proposition and might violate legal obligations. Check with your management before using any cloud storage service for information that belongs to an entity other than you.