http://news.ycombinator.com/item?id=3888705
http://news.ycombinator.com/item?id=3886783
http://news.ycombinator.com/item?id=3894287
Although it was countered by those who actually bothered to read the TOS:
http://www.techdirt.com/articles/20120424/17562518637/calm-down-internet-google-drives-terms-are-standard-countless-websites-including-gmail.shtml
http://www.theverge.com/2012/4/25/2973849/google-drive-terms-privacy-data-skydrive-dropbox-icloud
Also there is no such thing as the Google Drive TOS, there is the Google TOS and it’s not new, it's the same boilerplate stuff used everywhere.
FUD was inevitable seeing how many established competitors Google has in this area, but I suggest reading the text in question (in its entirety) from the source and making your own conclusions:
http://www.google.com/policies/terms/
Google Apps TOS:
http://www.google.com/apps/intl/en/terms/standard_terms.html