Extensions.
I'm guessing there are plenty of people who will dig the browser, but without the bells and whistles provided by extensions, many users won't switch.
I can live without AdBlock/FlashBlock, since I don't frequent many sites that have heavy third-party content, but as I said above, I can't live without Firebug right now.
http://www.proxomitron.info/ was the old standby
440,000 people download it a week. That's a lot of people not even seeing their search ads!
This is a really big deal.
The biggest is that it doesn't do extensions yet. It doesn't The first focus sounds like it will be the Flash engines of the world (i.e. binary extensions). Then later they'll add a Firefox-like extension model.
Next they have their other OS's to support. So it's got a lot of catching up to do.
I'm impressed with it so far, but I'm not uninstalling Firefox quite yet.
If google makes extensions work better, the have a real winner. And firefox will die quickly.