The Network Computer reborn…
http://en.wikipedia.org/wiki/Network_Computer
The disadvantages you mention are actually advantages to the target audience (which you are not I guess). It’s (at the moment disappointing) usefulness will increase once the richness of the web/cloud increases, Google just wants to be the first on the block.
Google is the new Microsoft.
As Microsoft was the new IBM.
Lady Gaga will be the new…?