[OtherOS] Chromium OS from Ubuntu???

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http://ubuntuforums.org – So I've seen it stated a few places that Chromium OS is a spin-off of Ubuntu. (See, for example, this diagram or this article.) Now I've never used Chromium OS (and I'm not even sure if it's released, yet), but I have to wonder: how is a browser-only OS based on a full-featured desktop OS? What components of Ubuntu could possibly be useful for Chromium OS? (Hardware)