Wow... they really shrank the size of a data center!
Of course I know what this actually means: your phone is now an even dumber dumb terminal for accessing the cloud.
I personally gave up when I saw no references at all to encryption, security, or privacy. I assume this thing promiscuously mirrors everything unencrypted (at rest) to someone else's server, or if data is encrypted at rest it's done with someone else's key (server-side "encryption"). That's not only a privacy nightmare but also a security nightmare. What happens if I store a valuable credential, card number, etc. on my phone? Barrels of fun.
For example someone with access to this data could:
find /path-to-cache | grep id_rsa ...
... then see how many machines on the Internet they can ssh into using Android SSH client certificates. Blamo, instant botnet.
There's a "Intelligently secure" blurb at the bottom of the page, but it's incredibly unhelpful, since the most you'll get out of it is that it has TouchID and:
> It is securely transmitted and stored encrypted on our servers. And we provide two factor authentication with Google.
I instantly stopped caring once I read this poetic marketing spiel.