It's actually a very cool proggy. it's multi-threaded so that when a page is loading and say a java script appy starts it continues to load the page while the java fires off. I've been playing with it today, I think they're on to something.
I downloaded Chrome last night and editing this very post with it. I guess Google can use this particular post for free.
I'd bet the Terms of Use was crafted to ensure that the Chrome users could not claim reimbursement due to their images being displayed in a Chrome page along with the Google ads. One of us can potentially argue that because our websites and images were displayed within Chrome next to the ads, our content has contributed to the overall income of Google ad services and are eligible to receive a share of the income.
I see Chrome as a way for Google to share less of ad revenue with bloggers, various web based forums and services. They don't have to pay anyone to host the ads if the ads come with the browser.
No thanks, Google.