I'm posting this from the Google CR-48 ChromeOS notebook I just received today. It's pretty neat.
I agree with you about there being a market for cloud based computing. Some people will be happy with just the services they can receive from the cloud and not need a really powerful computer.
I haven't had a chance to really play with it but I've been thinking a lot about it since I was invited to get one. Just as WebTV and thin clients have a market, so will this, although it doesn't sound like it will stay in this current form. For some people what they can do with their smart phones and other advanced internet devices will be more than enough.