Google Chrome, reinventing the wheel?

Just over a week after Microsoft Internet Explorer  Beta 2, Google has come up with its own new offering christened Chrome. The whole release episode itself was in a bizzare fashion. A day before the release, the whole internet talk about some leaked Google comic book talking about the new Chrome browser, and just a few hours later Google announce that they aill release the beta the very next day.

Along with million others, I also waited to get my copy of my Chrome, once it was available for download. Though it looks lightweight and simple, the initial impression was that I was working with some lite version of a browser. No menus, only a few buttons. Even the settings tab had a very limited options. As I went on adding more tabs, I noticed that the browsing controls are embedded in every tab. Also if you have multiple windows, you can drag tabs from one window to another. The browser also rendered the pages properly, and the fears which developers had that they have to test compatibility with one more browser could be thrown away.
Another interesting thing I found was each tab had a process running in the tast manager. So, if some website misbehaves you can close them. Also Google had also announced that this browser would follow a secure sandbox model, no tab can access content of others. 
All looks fine. But there seems to be a lack of pull which we have for firefox because of no plugins themes, etc. Using the browswer five minutes, you feel like you have seen it all. Also, Internet Explorer Beta 2 is really proving good. When compared, IE consumes the least CPU, followed by Chrome and then Firefox. I will post the IE review soon.
Though initially I was against the idea of Google capturing another frontier by bringing its browser, this really looks good in terms of useability and simplicity. Now, one person holds your search history, browsing history, mails, and what not?