It doesn't have to be features that are required. Another OS version just requires more development time and more testing resources. There are lots of little things that you discover break if you develop on the latest OS, and then test on the older one (or vice versa; neither forwards nor backwards compatibility are perfect). At this point, 10.8 is out, so developing on 10.5 means you need to test on 4 different versions, each with their own quirks, just for Mac OS X.
Obviously there are no features that are required to display a web page that are missing on 10.5. Browsers were developed and ran perfectly fine on there. Some newer features might not work, or some newer optimizations. But remember, keeping around all the old code paths, that check for particular features, can lead to more development cost, more testing cost, more bugs, more security vulnerabilities.
Another example is security features. Snow Leopard (10.6) introduced some new security features, like stack protection and more sandboxing. Chrome is heavily focused on security, and they may not be able to provide the full isolation that they would like on 10.5.
I develop software that should by all rights work fine on 10.5. And nothing that we do can't be made to worth there. But it takes more work; I develop on 10.7, we test heavily on 10.6 and 10.8, and when we go to test on 10.5, we find things that are broken not because they're impossible, but just because some interface is different so we need to add a new code path to handle that case. All that extra testing and development is expensive, and there are increasingly few people still on 10.5, so the benefit is continually shrinking.