I could bet that it will run X11 as a separate application (like OSX does).
and, I could bet that it will run something like wine, or CrossOver, to have limited support for windows application - it will even be advertised as such: " Runs Microsoft Office** ! ". Google invested quite a bunch in Wine, and the number one of reasons the Linux netbooks are returned is that Win apps are not supported - so it would be an obvious move from the part of Google to embed wine in the OS.
For the interface, it will probably run a modified version of Chrome with hooks added to control the hardware (D-Bus, much like Nokia did with maemo), and will have some kind of AIR environment to support webish application development.
** somewhat poorly, better try this nice online suite here, mmmkay ?