Google's positioning of this browser is also very interesting. While the discussion is technical, it's still fairly clear that they're promoting it as a web Operating System. See, for example, this page and also this one. They've bundled a client-side API into it in the form of Google Gears. It will be interesting to see if and how they tie this project to their server-side API Google App Engine. (Maybe they've read Joel's Strategy Letter VI).
Looking at it from this perspective it seems to me that there will be a clash between Google Chrome and Microsoft Silverlight. Interesting times ahead.
Update: David Peterson over at O'Reilly has reached similar conclusions to mine. He writes: