The somewhat oddly-technical (and often slightly-wrong) middle section of the Chrome OS presentation veered off at one point about filesystem partitions (!) and how having a read-only partition is a novel feature of their OS. Read-only partitions are one of the oldest security mechanisms — my boot floppy had the write-protect notch taped over back when I was booting DOS — and a near-universal feature of thin-client deployments (which Chrome OS certainly is). OLPC maintained a mostly-read-only root, but primarily to extend the lifetime of the flash disk (flash lifetime was not touched on in the Chrome OS presentation). Litl mounts a read-only root with a writable unionfs on top, which actually works much better in practice: improved maintainability because all the various Linux system daemons can still "do their thing" as they expect, but you can wipe the top partition whenever you like to return to a clean state (at litl we do this on every update). (If you haven't hacked the lower levels of a Linux distribution, you'd probably be surprised at how many system daemons assume they can write various places in the root partition, and you really don't want to maintain hacked versions of all of them.) Since ChromeOS gave an Ubuntu shout-out at one point, I strongly suspect the unionfs scheme is actually what they are doing as well — and, for that matter, what all the other Ubuntu Mobile downstreams are doing. Not new.
The emphasis on a read-only root partition is rather misleading from a security standpoint (as much of the middle portion of the presentation was). If you're not storing your files locally, it doesn't mean that you suddenly have no security concerns. It just means you have different security concerns. Cross-site scripting attacks give a malicious website access to your Google account through your web browser: these sorts of things are the malware for a WebOS. You have a different attack surface, but a vulnerability in your browser or flash plugin still gives access to private data. Mentioning that they encrypt the data on disk seems to be pure snake oil: your browser has access to the unencrypted data, and that's your most vulnerable surface anyway.
Overall, Chrome OS is a nice validation of some of the cloud-computing ideas we've been working on at litl, and it's always nice to see more legacy-free hardware (like the OLPC XO-1 and the litl webbook), but the presentation was oddly underwhelming. They're not really "reimagining the PC" — they're just removing all the applications on the PC except for Chrome. You still interact with "the PC" the same way you currently interact with Chrome. For reimagination, watch the videos at litl.