It appears like Google Chrome will be an operating system (OS) optimized for mobile devices that have built-in keyboards. Google Android is optimized for touch-input, so that's why you'll find this OS on smartphones and slate tablets.
So what if you have a convertible netbook/tablet that includes both a keyboard plus a touch screen? I think I'd prefer Android. I predict that we'll find more apps built for Android and eventually Chrome will get replaced by Android. Then again, Chrome could evolve to be the "desktop" version of Android.