From Google Support:

10/27/14 3:50 PM
The problem with Google Drive should be resolved. We apologize for the inconvenience and thank you for your patience and continued support. Please rest assured that system reliability is a top priority at Google, and we are making continuous improvements to make our systems better.

10/27/14 3:25 PM
Our team is continuing to investigate this issue. We will provide an update by 10/27/14 5:25 PM with more information about this problem. Thank you for your patience.

10/27/14 1:18 PM
Our team is continuing to investigate this issue. We will provide an update by 10/27/14 3:30 PM with more information about this problem. Thank you for your patience.

10/27/14 11:20 AM
We are continuing to investigate this issue. We will provide an update by 10/27/14 1:30 PM detailing when we expect to resolve the problem.

10/27/14 10:20 AM
We’re investigating reports of an issue with Google Drive. We will provide more information shortly.
Affected users will notice 500 errors and latency.