Look at that, I was on the mark.
Though a lot of features haven't been displayed which is to be expected since Gears has sort of been put on the back burner, though I'm getting the feeling that Gears might be disappearing over time so that Google can just focus on Chrome, but I'm not sure.
One thing that bothers me, which has continually bothered me is the fact that a lot of people didn't realize what Google was going to unveil. When Google first announced Chrome OS they said it's only going to do what Chrome can do, now there's all sorts of people saying it's a disappointment (even ReadWriteWeb has an article asking if it was) because it does nothing new.
It was never intended to be your Windows, Mac and Linux killer from the get go, it's really just Google getting a head start on what they envision for the web, though in the end the big strategy is to get more users on the internet, using the internet for more things, or using the internet exclusively over the old desktop OS I doubt they think that'll happen over night.
I was surprised to see that they haven't pushed out all of the planned features for Gears or Chrome before displaying Chrome OS, but then I realized that they plan to take their time with making this great as with every Google product.
EDIT: And to all the people who are bothered that Chrome OS won't work on your existing hardware (your Mac, Linux, or Windows PC), just install Google Chrome, BAM! there you're done.