Microsoft OneDrive (formerly SkyDrive) is a personal file hosting service that allows users to upload and sync files to their OneDrive. The OneDrive application creates a OneDrive folder on your computer that automatically syncs. Simply copy files into your local OneDrive folder and they will automatically sync. Files up to 300MB can be uploaded via a web browser or up to 2GB via the OneDrive application.
Thanks to ADN for the update.