Sarah Perez at ReadWriteWeb has some conceptual designs of what such a device might look like. I am not sure I agree with her contention that a Chrome OS tablet would be better for open applications than iPad. The rest of the article does consider what Chrome OS will do better, in particular accessing the full web, warts and all.
What we do not know is whether Chrome OS will really provide much in the way of native application support. All this is speculation on top of speculation as no machines running the cloud OS have yet to be released. And Google hasn’t said they’ll make a tablet, just that if they did, this is what it might look like. I’d say odds are pretty good–remember when Google said they weren’t going to produce their own phone?
I guess one tantalizing possibility is that if device makers pop out tablets capable of running Chrome OS, they’d also be capable of running Android or Moblin or some other OS. So maybe the iPad will bring one blindingly bright silver lining, incentive for the rest of the market to finally deliver tablets for all segments of the market that want them.