As a browser it's surprisingly minimalist. It takes the Safari route by not using the OS look and feel for the application. When I first checked out Safari for Windows I was annoyed by that, but I've since softened. My favorite media player is still Winamp, and generally any other media player has its own skin. In fact I strangely prefer it when they do; media players such as Foobar or VLC look like ass. So thinking about why a browser would annoy me but a media player does not... I don't know. Maybe years of using Steam have taken their toll, but Chrome's non-standard look has entirely failed to bother me.
Anyway aside from being a magical blue thing that sort of reminds me of XP's horrible default theme the UI is amazingly minimalistic. There's the usual minimize, maximize and close buttons in the upper right, but there's no title bar or brazen display of the application name. Indeed only a very tiny 'Google' appears next to the buttons on the right when the window is not maximized. When maximized the browser makes maximum use of space, with only tabs and the address bar filling up non- web site real estate. No border and no title bar at all.
The options are few. You can view history and downloads only in their own tabs (as opposed to the sidebar most browsers use), and there are some minor settings you can change, but nothing is really customizable. It's the essence of a browser, really. There's no extra stuff. No insane security settings, no extensions, no custom buttons or adjusting the size or order of the interface elements. Even the status bar at the bottom only shows up when it needs to and takes up the least amount of space necessary before quickly fading back away.
Another argument entirely is if or not this is a good thing. There are arguments for both sides, obviously, but regardless of that Google was successful in building something that's purely web browser and nothing more.
Firefox 3: 223ms
Firefox 2: 587ms
I guess, really, what this comes down to, is that the browser market is finally moving somewhere again. There was a huge stagnation period where nothing was really better than IE6. Mozilla was the only real competition, but most people felt that was too bloated. Firefox (or Phoenix as it was called back then) aimed to change that by removing all excess stuff from Mozilla and eventually it paid off. During the period of Firefox's rise there wasn't really any actual competition and it consisted entirely of Firefox chipping away at IE6's market share. Slowly. Very slowly.
And then recently (within the last two years or so) there was a resurgence. Opera stopped charging for their browser, Microsoft finally released a new version of IE (though IE7 is sort of the WindowsME of Internet Explorers) and has another one in the pipeline. Safari was released for Windows, and now Google, champions of the entire internet, have their own browser. It's about as exciting as browsers can get. There's competition in the browser market again, and that's never a bad thing for anyone.