Remember this is a consumption device that can be used for the occasional tweet or post, not a programmer's device.
They made a good start by zapping the PrintScreen/ScrollLock/Pause/NumLock/Insert/CapsLock buttons. But there is so much more to be done in creating the perfect consumption netbook keyboard.
They made the up/down buttons too small and took away many of the nav keys (PgUp, PgDn, Home, End). This is a big deal. I'm actually not suggesting they return these keys but perhaps re-invent the keyboard navigation. I'd love to see a variable rocker switch embedded in the keyboard with scroll wheel functionality where a single tap is a one-line move and a strong press is equivalent to a PgUp/PgDn keystroke. I'm not an HCI expert but a new human-centric keyboard navigation paradigm is needed.
Also: Take away the programmer's keyboard keys - back-quote, square braces, and backslash keys - and move them to Alt- keystrokes (back quote on the quotes key, backslash on the /? key, pipe on the ;: key, square braces on the ,lt.gt keys, curly braces on the 9(0) keys, tilda on the 6^ key) This way they are still there but not taking up valuable real estate.
The one mistake in my mind is zapping the Delete key. I can't write a post without both backspace and delete keys.
The last big change they should have made is putting in "B"old and "i"talic keys, putting them in place of the CapsLock key. It would be fairly easy to support them in all Google's sites (just put support into their various frameworks) and the rest of the world would follow soon enough. Although this is my preference I can see why they chose a "Search" button, after all this is a search company.
As for focusing on CapsLock, this is an non-issue as the double tap Shift functionality is already well established in the Google ecosystem, but I do appreciate the way it has gotten everyone thinking about how to evolve the old keyboard again.