While I think the idea of a faster operating system for netbooks and tablets is a good thing, I don't know whether the Chromium approach by Google is the right one. It takes as much control away from the endpoint as possible and urges you to keep absolutely everything online. It turns your computer into nothing but a web browser, and while I appreciate that's all most people do with their machines, I worry about that idea. You are, at that point, completely at the mercy of online service providers. If you want to do something that is not provided online, or a service changes in a way that doesn't suit you, then too bad. This kind of device would also be 100% useless in offline situations, like flights, or anywhere network connections are spotty, like my daily train commute.
Mokalus of Borg
PS - In short, the sentiment is good, but the execution is too much.
PPS - You would have to limit functionality, but not this much.