"Chrome OS does not run native applications and works only with certain hardware. It will not, for instance, run on traditional hard drives. It works only with solid state drives"
Being Open Source, I guess someone with the skills and the desire will be able to fix all that for the rest of us.
Even embedded 'locked-down Google OS Appliances" will likely be Flash-storage based and able to be updated ( bug fixed ) through some sort of download mechanism so should be easy to subvert. Maybe 3L33T H4AX0RZ will finally have a real use in showing the way as I'm sure contaminating and messing with The Cloud must look very appealing.
As a conduit into Google's data mine and revenue generating stream I don't personally see a future in Chrome OS, but as a lightweight framework to build upon I can see some potential.