Ugh, I definitely think that it's very "overhyped". It can be seen even in these comments, and I thought that HN would get me away from this kind of "Wow, something shiny, it's a new age for computing!" hyperbole.
Google Chrome is certainly a very respectable browser, but it's not revolutionary; it does have some iterative advances, like tabs as processes, but it's by no means some coup d'etat of the current powerhouses.
First of all, V8 and TraceMonkey are competitive and both have barely begun to achieve their potential; Fx 3.1 will be at least as fast as Chrome is today, I'm sure.
Google might be able to whisk away a few snobby/brand-obsessed IE users, or IE users who never gave anything else a chance for whatever reason, but the majority of IE's marketshare (people too afraid to install software, and people who freak out when they have to learn something to use their computer) is going to stick with IE. Anything respectable that steals IE marketshare is great, don't get me wrong, I'm just a bit skeptical that Chrome will see more than 5% stable marketshare anytime soon.
Chrome is missing a lot of Firefox's features. It has a couple that were cut from Fx 3, but overall, I think it provides a worse user experience. You get no extensions, there are few real-world sites where you'd notice the speed increase over Fx 3 (and 3.1 will be on par, and if I understand correctly, betas aren't more than a couple of months off) (you would notice the increase over IE; as my computer illiterate IE-using friend stated, "WOOOOO IT'S SOOO FAST"), and very lacking in terms of extensibility and customization, compared to Fx.
Chrome is a great technical asset, and it's exciting to see Google throw their hat in the ring, because it provides a lot to the community and will be for the benefit of all browser developers. It will push innovation forward, and that's definitely a great thing. Mozilla will graft the best parts into Firefox, Google will do the same, and things will continue on happily, finally with healthy competition again. It's undoubtedly an exciting time in browser development, and frankly, this innovation in JavaScript engines and browsers as a whole is long overdue.
Chrome is a nice thing, but it's not "a new age in computing", or any other such ridiculous hyperbolic statement. Have some perspective, people.