Why the need for a new browser? Google felt that the browser has not evolved too much since the old days and to support today’s web applications browsers will need to be re-engineered.
Google decided to wipe the slate clean and start over with Google Chrome though it’s open source project “Chromium”.
To start, It’s open source under a permissive BSD license. Developers will get the best from the project and vice versa.
Unlike other browsers, Chrome is multi-processed. Each tab runs in it’s own memory space. While one tab is processing other tabs no longer need to wait. If java scripts get too heavy you only need to kill the tab in question. Also, there is a task manager built in to show you the processes running in each tab, allowing you to kill them if needed.
The user interface has also been slimmed down tremendously. No more clutter and no unnecessary information is is visible. The smart address bar does it all.
Currently Google Chrome is only available for Windows. A Linux version is on its way.