The `prefetch` link relation[1] is registered with IANA, and is part of the HTML5 spec. Its use seems to be to prefetch & cache one asset for subsequent browser rendering.
The `prerender` link relation will tell the browser (chrome) to prefetch & cache an asset and all linked assets required for its rendering.
They seem like they both have a use but only one is part of the HTML5 spec, and it seems that prefetch was only ever implemented in firefox.
I know that Google wants a speedy experience for its users (more users), and it has pushed hard before with things like SPDY, but why not add to the spec rather than fragment?
[1] http://www.w3.org/TR/html5/links.html#link-type-prefetch