Sounds like Linux kernel + stripped down X.org (maybe Wayland?) + network management of some sort + web browser = Google Chrome OS.
i highly doubt that the window manager will be wayland
if it is not a stripped X then they might have developed their own solution
we ll see...
Cool development... but is it me or are their targets what Ubuntu and Fedora are working on at the moment?
In that case I've a working copy here of ubuntu 9.10 for them
I guess google is taking things like Eeebuntu NBR and Moblin one step ahead and trying to make its own distro to rival these.
As they say, when it comes to linux, the more the merrier.
The interesting thing is that Google has the money, connections, technical *and* marketing expertise to ensure netbook vendors will preinstall its OS. I wouldn't be surprised if they outsell Moblin within a few months of release (outsell in the wide sense, since the OS will probably be free).