With this source code freely available for download, various developers can get involved in the project, by creating applications, patches, etc. In other words, from now on, the development of the upcoming Chrome OS will be done transparently.
"There is still a lot of work to do, and we're excited to work with the open source community. We have benefited hugely from projects like GNU, the Linux Kernel, Moblin, Ubuntu, WebKit and many more. We will be contributing our code upstream and engaging closely with these and other open source efforts." - was stated in the official release annoucement.
OK, so please enjoy the official, 1 hour and 20 minutes long "Google Chrome OS Open Source Project Announcement" video, in high-definition!
"Unlike traditional operating systems, Chrome OS doesn't trust the applications you run. Each app is contained within a security sandbox making it harder for malware and viruses to infect your computer. Furthermore, Chrome OS barely trusts itself. Every time you restart your computer the operating system verifies the integrity of its code. If your system has been compromised, it is designed to fix itself with a reboot. While no computer can be made completely secure, we're going to make life much harder (and less profitable) for the bad guys."
YouTube is already filled with video to help us understand how Google Chrome OS will work.
Until the Chrome OS will be available for download or deployed on your netbook, you can grab the Chromium OS sources right now from Softpedia.