This is just how Chromium does versioning.
Chromium version #'s are four parts: major.minor.build.patch. Of these four parts, major.minor are "marketing" controlled. The other two parts, build.patch are engineering controlled and related to the Chromium branching strategy.
Chromium develops everything on trunk. Typically, once a day, they increment the build #. The build #'s are part of their branching process. Once a branch is cut, its build # is fixed. Instead, only the patch # is incremented on that branch, again about once a day.
So for example, the current stable release is milestone 5. This was built from the 375 branch. So the full version # is 5.0.375.127, which indicates that about 127 days have passed since the 375 branch was cut as you can see here:
http://src.chromium.org/viewvc/chrome?view=rev&revision=...
Chromium hasn't made much use of the minor part of the version #, the notable exception being 4.1.
Also, historically, Chromium has aimed to release a new major version every 6 months. But they announced recently that they plan to move to an even shorter release schedule:
http://blog.chromium.org/2010/07/release-early-release-often...
So if you think it's got high versions now, just wait. I notice that even though milestone 6 is only in the beta channel, the dev channel already has milestone 7 loaded in it:
http://omahaproxy.appspot.com/
tl;dr: Chrome versions move fast because they have a major milestone release every 6 months and soon the versions will move even faster.