Maybe it will go beyond the html browser? It may be displaying some sort of rich multimedia applications, powered by OpenGL, for example and more extensions down this road.
By the way, chrome... chrome..., reminds me of the project chrome by Microsoft, DirectX for the Webbrowser which has been shot dead after Beta 2 in the late 90s.
So will googles Webbrowser be just another webbrowser? Or are they planning more?