Not only does it feel much faster than Firefox/IE, but everything is much simpler. They stripped away all the unnecessary toolbars and menus, and the configuration options are much simpler.
I guess they didn't want to deal with trying to have their developers help fix Firefox. Sometimes, it's just easier to start over.
... and then people start requesting 'just a couple' of new features.
I see this as a move that forces standards. Google is putting its big shoulder behind increased performance and consistency on the internet. If other people want to wrap the core offering in fancier clothes, I think Google still wins.
The logo in the title bar is an amazing study in self-discipline. It's a mute color and 13x36 pixels!