Chromium OS doesn't seem like a particularly good fit for the form factor and Android already runs Chrome, so I'm not sure I understand the effort, but I guess it's a neat hack.
Theoretically, the newer HTML5 extensions are getting these closer to native apps in terms of features, so let's see how they do!
It runs a browser that is a fork of Chromium and shares the Chrome branding, but Android Chrome is not Chrome.