Today Microsoft is announcing the final product name for what was previously known as Windows Live Folders. Windows Live SkyDrive gets not only its final product name but also a few new features and enhanced UI reflecting changes coming across many of the Windows Live services including Windows Live Spaces. So what's Windows Live SkyDrive? Windows Live SkyDrive is a brand new Windows Live service that gives users 500MB of web space for the storing and sharing of files. Think of it as a personal "harddrive" on the internet - or "the cloud". By default, you get several protected directories which you can store your files in. These directories are completed protected from the public. Only you can view them. However, Windows Live SkyDrive allows you create or choose specific folders to share with everyone (Public folders) or specific people on your Windows Live Contacts list. You can set specific permissions for those viewing your folders as well - such as someone who can contribute (add and remove files) or someone who is simply just a reader. Your Public folder allows ONLY reader permissions for the public in viewing files within the folder. No need to worry about people maxing out your account with files.