Google wants competition and I think they want to bury Internet Explorer. With Chrome, they proved they can do it and shake the little world of web browsers. I hope their competitors (especially Microsoft) will be able to give them a proper answer.
Chrome will be better than FireFox, but browsers like IE8 are still the future.
People should not be worried about MS.
MS can hardly see the "browsers" still way back in the distance even from the top of the mountain.
And just a little off topic, what's the E.U.'s effort in OSs and browsers and media players?