Confusing? Not half...
Note section 9.4:
"Other than the limited licence set forth in Section 11, Google acknowledges and agrees that it obtains no right, title or interest from you (or your licensors) under these Terms in or to any Content that you submit, post, transmit or display on, or through, the Services, including any intellectual property rights that subsist in that Content (whether those rights happen to be registered or not, and wherever in the world those rights may exist)"
Section 11 does seem to suggest it is a rights grab solely for the use of promoting Google Services (you omitted the closing sentence "This licence is for the sole purpose of enabling Google to display, distribute and promote the Services and may be revoked for certain Services as defined in the Additional Terms of those Services.") but it doesn't seem terribly clearly written.
However, that EULA appears to apply to all Google's services. And presumably that means Google has sneaked itself the right to publicly display everyone's Gmail content to the world (if only to promote Gmail - which seems unlikely, "use Gmail, look what we do with your emails!"). Surely all your KML belong to Google and it also pwns all your photos on Picasa. And since in 11.2 "You agree that this licence includes a right for Google to make such Content available to other companies, organisations or individuals" then anyone can ask Google for it. Seems at odds with 9.4.
I'm also curious about the term "display" - what constitutes "displaying" something via Chrome? On first read, I took it to mean displaying web pages - which, unless I'm looking at my own website, are clearly never my IP to hand over in a EULA. Either "display" means something I can't fathom, or the EULA is nonsensical if you want to use Chrome to look at the Internet.
I'm not a big conspiracy theorist so I'm assuming it's a well-intentioned EULA with a couple of misleading (but technically dangerous) bits in it. And IANAL so there's a good chance I just can't interpret legalese properly. It would be nice to have a lawyer give their view...