To answer your question: technically, nothing
But you've got to hand it to Google for the headline grabbing and marketing. Once we get video, JS and canvas out the way I guess the bragging will be about drag and drop and local storage. Support for the new form widgets and time elements would be much more useful.
On the negative - Chrome is very greedy. I'm trialling <video> which to play nice with the as many browsers as possible is
<source type="video/mp4"> # Safari on iPad "bug" means mp4 first
<source type="video/webm"> Opera and Chome
<source type="video/ogv"> Firefox
<object...> # fallblack Flash or WMV
<a href="">Download link</a>
Encoding issues aside the interesting thing is that Chrome will start downloading all video files not just the first it knows how to handle. Embarrassing bandwidth battering fail from the chocolate factory.
Great tag line, Kelly!