http://blogoscoped.com/google-chrome/
Here's an explanation of what makes chrome so different presented in a dumbed down, yet still somewhat technical, comic strip... The presentation is a little bizarre, but I do like a lot of the design choices they made.
The browser uses webkit to render the pages. As far as I know this is the same open source engine that Safari and OS X use. It's also an open source project.
V8 is the new javascript engine. Basically instead of interpretting and executing the javascript as it runs, the new engine interprets once, compiles to machine executable, and then runs the compiled machine code. This should speed things way up.
The multi-process approach is pretty slick. You avoid all the headaches of multi-threaded programming but reap the benefits. Each webpage is it's own process, so if it makes the tab it's running in go to hell, it doesn't take down the whole browser with it. Basically the browser will have it's own 'Task Manager' to keep tabs on the individual processes. This should also avoid the memory leak problems that plauge firefox.
Lot's of good security minded stuff as well.
As for the EULA... well they've released it as open source, with a very 'free' liscence in line with BSD and MIT liscensing. This means if you don't like the EULA, strip it out, lose the copyrighted artwork, and re-compile it as your own no-strings attached browser. You have no legal obligations. This is even less restrictive than the GPL as you could even legally use the code in your own proprietary closed source project if you wanted.
Firefox is fine for me right now, but I do like to see Google bringing some inovation and fresh thinking into browser design. Looking forward to the Linux version of chrome.