The new SkyDrive application was released today.  I was part of the beta test group and I can tell you the new application is great.  When it is installed it creates a folder named SkyDrive in your profile that synchronizes automatically to your cloud-based SkyDrive.  That is it.  Now you can seamlessly work on local files that will automatically sync to your cloud based storage.  If you have a Windows Phone there is a SkyDrive app for the phone that makes accessing your cloud storage easy and fast.

More details can be found in the links below.

Introducing the new SkyDrive 

Making personal cloud storage for Windows available anywhere, with the new SkyDrive