The idea of a Web Browser as the OS is nothing new, and most people know it. As for current things, they’re basically very restricted normal operating systems. Google wouldn’t do something like that without tons of innovation and killer features.
I’ve been watching some google techtalks in the past few days, and I think it was interesting how the one on Wuala (a distributed filesystem) was started with the google guy saying “this talk is being recorded so please refrain from mentioning any google sensitive information in your questions”. While it may be referring to the Google File System, I don’t think it’s too similar to Wuala. So I think the idea of cloud storage distributed among peers is an attractive idea since what would you actually use the hard disk which most netbooks do have, and keeping all your data locally doesn’t really contribute to the whole idea to cloud computing.