Storing Projects on Google Drive (Cloud)

Question

I've started using Google Drive for my cloud needs and backing up pretty much everything. I've got the app installed so it auto-sync's all my content in most things.

My question is this, I am currently coding for iOS (although this applies to any coding project) and am split on storing my project files on Google Drive while using sync. My theory is that if I did use it, I'd never have to worry about system crashes or lost code before backups, but if I do use it it will be sync'ing a-lot and I thought there might be problems with it detecting changes and trying to sync for example half way through compiling.

Bandwidth isn't an issue as I have fast connection and unlimited monthly allowance.

Has anyone ever used this, or similar cloud-based sync'ing (dropbox etc) for this and knows whether it works or not or whether there are any potential problems etc.