http://googleblog.blogspot.com/2009/07/introducing-google-chrome-os.html
It runs on a Linux kernel, so its probably just another Linux distribution.
I always thought the Chrome browser is a step to take-on Microsoft by making the OS irrelevant. Maybe this is just a stepping stone towards that...
Good news is its going to be Open Source. I hear the Android code base is really really huge and it takes leaps to get it up and working (I may be wrong, haven't tried it myself.) A good read here: http://lwn.net/Articles/331908/
Given that I wonder how easy it would be to build/update...
Anyway, interestingly they call it a Chrome OS, like firefox OS? Kinda makes the purpose clear?