Personally, I'm sort of happy and sad about this.
Happy because Google is coming out with an OS that shows lots of promise from my experience with their web browser. Minimalism is the future.
Sad because I know if I ever get this OS, I'm going to have to dual boot because all the core software and games will be on windows. I don't think every developer of software (especially small independent developer software like OllyDBG and HexWorkshop) and I can't help think that if a developer does develop something, and is the first to do a good job on it, will sell it for money, making me hope that the warez community is supportive of Chrome OS software. Also, since all the apps and games I want to use are already for Windows, and most of them aren't likely to convert, I'm going to end up using Windows 7 all the time and the Chrome OS will become a huge novelty of GBs sitting on my hard drive much like the Windows 7 Beta has.
Unless Chrome is made very much like Windows and compatibility will not be an issue. That would be awesome.