I think that both Canonical and Google are seeing tremendous success in their individual spaces. Canonical has done wonders for getting new faces in front of their flavor of desktop Linux and Google redefined search and advertising in what seemed like overnight success merely a few years ago. To this end, one might surmise that the two companies working together on the Chrome OS project makes a world of sense.
Where I find myself drawing some concern is in the realization that Google will be relying on a non-Google source for this work. Now obviously this must seem like a moot point as many of its technologies also fall into this same basket. But how many of them are OS related? While Canonical does a fairly decent job with Ubuntu, I am not totally sure that I would want it working on what is going to be the next perceived Linux battleground. I mean, are we not already seeing Canonical spread fairly thin? Would this effort not actually create more issues for both Ubuntu and Chrome OS in the long run? Perhaps I am reading too much into this.
Maybe what bothered me the most about this whole thing was the impression that Google was giving us that it was directly involved. Instead, I come away feeling like we are merely seeing gOS part II taking place. After all, both Chrome OS and gOS will be based on aspects of Ubuntu. Sort of seems redundant to me.