Its Google, so its no surprise that the buzz created by the Chrome OS is amazing. However this is a lot of noise while the underlying message is weak at best.
The Chrome OS works on a paradigm similar to the thin clients of the mainframe era. The difference is the cloud instead of the mainframe.
It will work great for a certain segment of users the way the Mac has worked for a certain segment of users of computing. Being Google the Chrome OS will also generate the fanatical following that Apple has.
After all is said and done about the Chrome OS, the final fact remains that without the internet the net book is as good as a paper weight.The idea may be ahead of its time. Globally we are still far away from ubiquitous broadband internet. Ubiquitous internet would decide the adoption of the Chrome OS.
While some Google fanatics would buy a Chrome OS net book on the personal computer, the big losers would be Linux and it ilk on the the desktop.
Microsoft should be wary but not unduly worried till 2013. One never knows what the internet delivery infrastructure would be by 2013