In Google’s webcast this week about the release of Chrome OS (Operating System) they confirmed that it would be a true Cloud Computing platform. According to the presentation there would be no installs of any software on the machine and all data would be stored in the Cloud (online). All applications would be web applications everything would be accessed throught the Chrome browser.
Essentially the Chrome OS is the Chrome Browser running on a stripped down Linux operating system. As Chrome OS is open source we may see different versions, possibly with less restrictions, released by other groups. Currently Google is saying that devices will be available  before the end of next year.
This short video was released on the day of the webcast by Google which explains the operating system:
httpv://www.youtube.com/watch?v=0QRO3gKj3qw
The full video of the launch webcast is also available on YouTube:
httpv://www.youtube.com/watch?v=5JyFbF7QFlY
