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Update Wednesday (or Thursday as we know it) is well under way today and it seems the theme of the day is Material Design. With Sheets, Docs and Slides all getting a few new features today, the main Drive app has also seen some functionality added, as well as being prettied up in time for the big Lollipop push next month.

To start with, Google has brought their instant search results function to Drive, adding the ability for Drive to begin offering you search results as you type.
Google Drive - Instantsearch

Improved sharing functions are also included in the update, with the option to add a note to the person you’re sharing a document with. Whether it’s to request they read something, edit it, or even just pass it on, the option to fill in the comment section is there. When accessing the share option, a link to the file is automatically copied to your clipboard as well, making it even easier to share the link anywhere.
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Finally, the PDF viewer has received an update, allowing you to select and copy text in PDFs. The updated viewer has been built right into the Drive application, so there’s no need to launch any apps or leave Drive just to view a PDF now.

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The Drive update will be rolling out to handsets over the next ‘several days’, so keep an eye out for the prompt to download.

Source: Google Drive Blog.