As he says, this is slightly out of date: we forked WebKit to make Blink in 2013, and actually merged Blink into Chromium proper just this week! It is no longer managed by gclient/DEPS, but instead developed alongside Chromium in the same repository. But many other things (pdfium, v8, webrtc, and tons of smaller libraries) are still pulled in via DEPS in exactly the way described.
I'd just like to say this about our development, testing, and release process: it really really works. We keep moving fast, everyone knows what's going on throughout the codebase because everyone is working on master, and there are never any big ugly merge conflicts to resolve when new features land.
There are, of course, problems with the system. We don't have enough resources to run every test for every commit, so they end up batched and we have to rely on humans and heuristics to determine which CL in the batch to revert. The set of configurations on the try-bots doesn't exactly match up with the set of configurations that are run against tip-of-tree. And flaky tests are, of course, a perennial problem for everyone. But we're working on making all of these better, and huge progress has been made in the last couple years.
Ask me anything if you have any questions about our build and test infrastructure!