Google have released their contributions to the code as '
Chromium' - the rest is built on existing open source technologies (e.g. WebKit which in turn derives from Konqueror). I'm sure it won't be long before 'community' versions of Chrome are released minus the Google EULA and with other tweaks to improve privacy. I mostly like what I see in Chrome so hopefully we'll see that before long, plus releases for Mac and Linux.
Chrome strikes me as less about grabbing the browser market and more of an attack on Microsoft. Google already invested money in Firefox so if the only thing in their sights was Internet Explorer they'd bung more cash into the Mozilla Foundation.
I think eventually we'll see very cheap computers which use Chrome like a desktop environment as more online applications like Google Docs emerge. For people who mostly use their computer for the internet the operating system becomes rather irrelevant - in some cases bypassing the need for Windows. Linux (or whatever) could do all the OS stuff underneath and the computer essentially becomes a Chrome device.
Obviously that wouldn't work for everyone since it couldn't (yet) cope with graphics intensive games or multimedia production. But those little Asus laptops are flying off the shelves and this could become part of that stripped-down market. Presumably Microsoft would retaliate with a cheaper, lighter version of Vista. Interesting times ahead with massive implications for security, ownership of intellectual property and so on...