Lots of speculation began until it became clear that the link to the site should not go public in first place. Apparently Microsoft took the site offline because the public beta has not started yet. I was wondering about the 500 Megabyte figure as well because it seemed extremely low compared to other file storage services which offered storages of five Gigabytes or more. The 500 Megabytes have been selected to hide the real amount of storage from other services. Once the thing goes live the storage will surely be raised to a reasonable figure.

I personally think that it does not make much sense to use the service right now if you are looking for a reliable place to store your files. The biggest advantage should be its reliability but the meager amount of storage is playing against it. Once the storage capacities gets raised it should become more attractive.

It could be nevertheless worthwhile to create an account as early as possible to be able to start using it once it goes live.