In the constant effort to make the Drive app better, Google just pushed an update that brings "performance improvements across the whole app," as well as support for video streaming on Honeycomb or higher, pinch to zoom in the presentation viewer, and overall bug fixes.
This marks the first update Drive has seen since mid-December, when the app got a small speed-boost, along with some general bug fixes. Woo.
Of course, built-in streaming video is a pretty major update for the app – after all, Dropbox has had the feature for several months now. The update should be live in the Play Store now – if you're not seeing it just yet, check the mobile Store, you should be able to pull it right away.