Google Chrome OS is an ultra-fast, ultra-light operating system designed for netbooks and other devices designed for web applications. Chrome OS will be based on Linux and it's code will be open source, unlike it's main competition Microsoft.
Google's Chrome OS was unveiled on December 7th, 2010 and will be publicly released in the first quarter of 2011. Various hardware systems are currently being built to run Chrome OS but it is not being designed to run full scale computers.
The operating system borrows many features from the Chrome browser, emphasizing speed, simplicity and ease of use over everything else. The entire operating system is runs within a web browser with the ability to play and display various forms of media like video, music, etc.
Users of Chrome OS will be encouraged to use Google's suite of web apps including GMail and Google Docs.