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This seems really useful and I'm certain I'll be having a go with it in the near future... a heads up to +Christopher Stokes and +Paul Jinks, this sounds like you might want to give it a look too. From the stream of +Laura Gibbs (ta!)
This is a really awesome feature. You can now treat publicly shared #Drive folders as a website. Right, relative links to CSS, JS, images and any other content works completely.

For those observant hackers among you (are there any other kind of hackers?!) you will know that using the Drive Javascript API you can now write a complete Drive app that accesses Drive files and is hosted on Drive itself.

"We must go deeper", anyone?! Read more here:
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Could be worth two or three hours to investigate this. 

The stipulation on the folder being open limits its uses, but it could be really good as an option for student elective work or certain types of portfolio (bung file in folder, view as web site). Also collaboration with people outside the University.

Can't think of any other uses off the top of my head, but there have to be loads.