It's not what I expected. I never read any of the hype about Google's new web browser because I assumed that it would just be Mozilla with a Google bar built in. And the name led me to believe that its main selling point was flashy appearance. I visualized a nightmare of animated partially transparent doodads rotating and sliding around the screen every time I moved my mouse. Google Chrome is the opposite of that. It's actually a very bare-bones browser with some nice features.
There's nothing amazing about Google Chrome, but I think Google is taking a page from Microsoft's playbook. When you are that big, you can be a lot worse than your competition and still grab a significant number of users. Then over time you improve the product enough that it actually deserves all of the users. That's how they did it with Blogger, which started out as a pretty stark blogging platform, far behind other products in terms of features. But Blogger has caught up to other blogging software over the years. Google Docs seems to be following that plan as well. It really isn't very good compared to Microsoft Office or Open Office, but it has some interesting features, it is just good enough to be usable, and it is from Google.
So I expect Google Chrome to follow the plan and gradually add features. They will be smart about it and only add features that users complain about not having. In the end they will be left with something that has all of the important features but is still leaner than the competition.