I've just tried it with my own apps.
Features - it is missing logging of any sort, so when an app crashes you don't know why. You can't use adb logcat nor presumably connect a debugger (I just use logcat most of the time anyway). e.g. an app I'm working on crashes when trying to use the "share" feature. this is probably to be expected, but without a log or anything it's tricky to know why. A game I made uses the NDK and despite having the x86 version of the library in the APK, it crashes on startup.
Speed - this is the killer feature! The emulator is useless (at least on Linux) as the native drivers cause it to hang IME, the startup time is too large, and when running an app is too slow to really judge its usage. You can use the emulator in a pinch, but better to test on devices. This means plugging them in and swapping devices (first world problems ;), which is a bit of a pain.
Convenience - the regular build-install-debug cycle is incorporated into the Android build system, whereas with this solution you have to faff about running your own scripts to execute chromeos-apk on the APK, then install by hand from the extensions screen. However you can debug right on the same PC without having to have a phone or tablet available.
So the main difference is speed and a bit of convenience. It is as fast as running the app on a real Android device, without having to have one handy. I can see why Google didn't release this for all apps yet, as there are a lot of places that it crashes out. But it's really cool that this works at all, and I'm sure it'll only get better.