Emphasis mainly on three aspects: speed, simplicity and security.

The Chrome OS will run both on x86 and ARM Architectures.

Will use Linux kernel with a new windowing system.

New OS is different from Android, as it was made for mobile phones and set-top boxes while Chrome OS is for netizens.

It would be open-source and light-weight operating system.

Google attention is on web application developers and they state that web-based applications is the future as they could run on Chrome OS, Windows and Mac giving them largest number of customers.

Viruses won’t bother and Chrome OS would be highly customizable (since its open-source).

Firefox could be expected as first application of Chrome OS as google accounts for 88% of Mozilla’s revenue.[source] Dont know what role chrome browser will play?

Chrome OS will have a minimalist user interface, leaving most space on the screen to applications.

Interestingly, Microsoft had also announced few months ago about MS Gazelle, a web browser as multi-principle operating System. [source] Sounds similar to Chrome OS to me.

[image source] For coming HTML5 technology, you can expect lot more applications running at browser giving a definite advantage to web based OS. It could be considered as Linux + new windowing system +  Chrome browser.

Google To Launch Chrome Operating System in 2010 - 34