1. It is not Linux. It is based on Linux kernel, just as it draws from a number of other open source projects (Moblin and Ubuntu). There is no splash screen and booting into the Chrome OS takes you directly to the Chrome browser.
2. It’s not Android. Chrome OS does not replicates Android in any manner.
3. It won’t kill Windows. Google’s long purpose goal is not meant to hurt the sales of Windows OS or Mac OS. Instead, the Chrome OS will come pre-installed on the unique new devices that Google is now designing with its hardware partners.
4. With a Chrome OS device, you won’t just check your e-mail on the Web. You’ll also write letters, create spreadsheets, watch videos, listen to music, and chat with your friends using Web-based applications.
5. Actual retail products are going to come in late 2010.

source: computerworld