I haven't used Chrome with AdBlock in maybe a year or two, so this might be out of date. But that's what it used to be like, and that's where the perception is coming from.
For what it's worth, the FAQ for AdBlock on Chrome claims that it does "actually prevent ads from downloading", and I assume the same is true for (the unrelated) AdBlock Plus on Chrome. http://code.google.com/p/adblockforchrome/wiki/FrequentlyAsk...?
Chrome extension apis have to be explicitly designed and developed, and backcompat is taken care of, so your extensions don't all break every six weeks when Chrome updates.
In any case, yes Chrome supports extensions that block or modify network requests before they occur: http://code.google.com/chrome/extensions/stable/webRequest.h... (and it's been out of experimental for eight months judging by this bug http://code.google.com/p/chromium/issues/detail?id=60101)
In addition, Adblock for Chrome has been able to prevent requests from loading using a base webkit api for two years now: http://www.theregister.co.uk/2010/07/20/chrome_does_resource...
(Disclosure, I work for Google, but not on anything related to Chrome. I'm just huge fans of the project and its ideals.)