All it does is hide the names of bookmarks on the toolbar so all I see are the icons, until I hover over one of 'em. It seems really minor, but I really don't want to give up my little row of icons, nor do I want to delete the names of all them (which I used to do, long before smart people wrote extensions to hide the names)
The closest thing I can find on Chrome is "Iconized Bookmarks Bar", which simulates the same idea, but the implementation is terrible. Instead of an actual toolbar, it inserts a little HTML thing at the top of every page. It works fine on 90% of the web, and causes various levels of havoc on the other 10%. For example, it made it impossible to log in to Amazon last time I tried it because the hover logic on the Login menu got screwed up.
I assume that the functionality I want is simply not possible in Chrome at this time. I haven't actually looked into doing it myself though, it's just not that important when I've already got a browser I like just fine.