I think most of this 'WebOS' bullshit was kicked off by web-dilettante Jason Kottke, and it's even more ridiculous this time around, because Chrome is the least OS-like modern web browser yet made (and Firefox would be the most OS-like by far).
Chrome is not trying to be the operating system, it's trying to get out of its way. By using a shared-nothing separate process for each tab and plugin, it's letting the Kernel and libc do the job they were designed to do.
Most modern browsers (especially FF3) are trying to do an operating system's job — scheduling logically independent processes, micro-managing memory allocations, mapping virtual memory, providing an internal windowing system, providing an internal GUI scripting system. The whole point of an 'operating system' is to present a lot of layers.
Chrome does none of these things. It parries them off to the real operating system, where they belong — instead of adding another five nested layers on top of the pile of indirection.