$0.02 per GB-month is a lot better than S3 or Cloud Storage, which is $0.15. It looks like you can only purchase 14TB per account[1], but the cost savings are such that I wonder if we'll see people switching.

[1]: https://www.google.com/accounts/purchasestorage

But, interestingly, for business customers it's $0.20:

http://googleenterprise.blogspot.com/2010/01/store-and-share...