The current version of Chrome has quite a few bugs:
Middle click on the mouse for scrolling doesnt work
Scrolling up a page using mouse gestures on the touchpad doesnt work.
Some Java plugins don't work, some sites do not function properly.
Although, for a 1st release, it looks very promising! It renders pages blazingly fast & has a small memory footprint. Google still has a lot of work to do on the browser, most importantly work on addons.

Now, here's the scary part. If you read the privacy statement in their EULA, they mention "By submitting, posting or displaying the content you give Google a perpetual, irrevocable, worldwide, royalty-free, and non-exclusive license to reproduce, adapt, modify, translate, publish, publicly perform, publicly display and distribute any Content which you submit, post or display on or through, the Services."

Now this is not specifically for their bots for ad-sense. They are literally saying they own whatever you do on their browser and can use that information (even private) for whatever purpose.

The scope of the browser looks bright, I love the minimalistic design and the browsing speed, just waiting for a release with a bug fix.

And now about IE, IE8b2 is my default browser as of now, I've used FFx, it's great without doubts. But I would definitely say IE is far from what people say about it. Especially with IE7 and now IE8, having the IE7Pro addon makes life much easier to work with the browser. My IE takes less memory than FFx3, and mind you Firefox 3 has crashed more number of times on my system than Internet Explorer has. I've run 4-5 instances of IE8 when I've needed to with several tabs in each instance, and left it running over night without any problems, CPU spikes or memory issues.

In the end, competition = Awesome for the end consumer (us). FFx forced IE to improve (over the pathetic IE6) and now Chrome will do the same to FFx and IE.