Google just announced their intention to move into the OS space with a new operating system called Chrome OS that will be available in 2010. From what I can gather it seems as though it's primarily aimed at netbooks and similar low power computers. Google aims to make Chrome a lightweight, speedy and secure "Cloud Based" offering. I am just guessing, but I would imagine their goal is to get as close to an "instant on" as possible on a SSD equipped netbook. I am not sure what "Cloud Based" will mean, but I would guess that it might include either online extension of the HD and/or apps running on the Google apps platform and open sourced. My reasoning is that these are the current and future limitations of netbooks are processing power, storage and OS overhead, and if Chrome could mitigate those limitations they will have a real value proposition. Allowing developers to create and host apps on the Google Apps platform (a-la iphone apps store) would also drive some revenue for Google and Developers. For more check out:
The official announcement
Gizmodo's Take on Chrome
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