It was bad.
Real bad.
But I'm actually fairly positive about MS getting into the chromium landscape and back into the game. Let's face it MS had lost all of its influence in the browser world before dropping IE and making this move. It is a Google/Chrome dominated world at the moment. But by adopting Chromium, MS can "catch up" on a technical level and also wield significant power inside the Chromium project itself. They have money and they have an experienced browser engine engineering team. They will be able to provide some balance to Google in this ecosystem. If push came to shove, forking chromium wouldn't be an idle threat from MS. They will have some power.
On a technical level it looks like a move towards a mono-culture, but politically it looks like a chance at more balance and diversity to me.