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Is Google Drive still a serious product? On OSX it's buggy as hell, eats resources, but the client hasn't been updated in many months. Feels like an abandoned product.

Actually, the whole Google Apps suite other than mail seems to have stopped evolving.

Depends on your baseline for "serious". I come from an environment where we're still using XP and Outlook 2003 - so by comparison, Google Drive is pretty good!
From the ToS:

"When you submit content to us, you give us (and those we work with) a worldwide license to use, host, store, reproduce, modify, create derivative works (such as those resulting from translations, adaptations or other changes we make so that your content works better with our service), communicate, publish, publicly perform, publicly display and distribute such content.

The rights you grant in this license are for the limited purpose of operating, promoting and improving our service, and to develop new products and services. This license continues even if you stop using our service."

Is this worrisome ?

For some people, yes it could be. But they shouldn't be using Google Drive either:

From http://www.google.com/intl/en-GB/policies/terms/ Under the heading Your Content in our Services

When you upload or otherwise submit content to our Services, you give Google (and those we work with) a worldwide licence to use, host, store, reproduce, modify, create derivative works (such as those resulting from translations, adaptations or other changes that we make so that your content works better with our Services), communicate, publish, publicly perform, publicly display and distribute such content.

The rights that you grant in this licence are for the limited purpose of operating, promoting and improving our Services, and to develop new ones.

This licence continues even if you stop using our Services (for example, for a business listing that you have added to Google Maps).