I have read what many pundits have to say about the Chrome OS. I have read what they had to say before and after the press conference and, there is a bewildering array of opinions.
The computers that comply with the hardware specifications, will have to deal with Wave and as netbooks are often considered as computers with insufficient specifications, I expect that there will be a range of hardware ready for "must have" applications and I expect that they will all do nicely. Wave has improved a lot in stability and performance in the last months anyway..
There is much ado about "market share". I do not really care except that I expect it to become important for the adoption of open standards. Important as well is that Chrome OS is a Linux distribution, it is open source. As developers of Canonical are involved in the development of Chrome OS, it is obvious that Linux development in general will benefit.
With Chrome OS user data will be very much stored on the web, local storage will be very much a cache that can and will be deleted when need be. My "wet dream" for Wave is still a possibility, I however want it not just as part of a Chrome OS, but also as part of the browser and not just the Chrome browser.