Originally Posted By: DWallach
exposing the Linux guts below (presumably, something you want to avoid to stay nimble in your ability to evolve the platform, such as to non-x86 processors).

Yep, Linux. A coworker was saying that "it's just going to be another Linux distribution", and I was arguing against that, but found that they are intending Chrome OS to use a Linux kernel.

Originally Posted By: Official Google Blog
The software architecture is simple — Google Chrome running within a new windowing system on top of a Linux kernel.

Of course, there's a lot more to a Linux distribution than just the kernel, and I wouldn't be surprised if their userland was totally different, but Linux is certainly involved.
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Bitt Faulk