It's a tectonic shift in computing. We're going back to the dumb terminal/mainframe model. Apple will weather it just fine I'm sure b/c they control a shitload of devices. Microsoft will not. If they were dead before, they're worse than dead now.
Google will control the other half of devices but hopefully in a 'non-evil' way. I sincerely hope owning a device with Chrome OS doesn't force a user into using Google services although I'm sure there will be some tie-in.
It's about to get interesting..