Android does location based search very well. Simply long pressing the search button and saying "Navigate to a pharmacy" and I can be headed to the closest CVS in seconds flat. Many of Android's core apps and most popular 3rd party apps make use of the user's location in some way. Chrome OS needs to play catchup on location. Despite having GPS hardware, Chromebooks aren't yet using it to get an exact geolocation, geolocation still relies on less accurate data like your IP address and nearby WiFi APs. Google has a major advantage in the notebook market they've yet to capitalize on with Chromebooks and location. Windows PC and Mac developers generally can't count on location data when writing programs because such a low percentage of PCs and Macs have GPS hardware today. If Google offered full GPS support in Chrome OS, it could be a major drawing feature for 3rd party developers to target their web apps and extensions towards Chromebooks.
It'd be great to see Chromebooks offer similar details about what's eating your battery. Is YouTube chewing away your watts decoding your video or is it that you have your display brightness set to high? Is the Flash plugin really the battery hog Apple says it is? How power efficient is that 3G modem? A visual display of what hardware, tabs and sites are draining your battery would be an excellent addition for Chromebooks.
Sure a touchscreen Chromebook would be nice but Chrome OS can take advantage of multi-touch functionality right now with that Synaptics trackpad. Chromebooks do media composition really well with a full physical keyboard and touchpad but they could do media consumption nearly as well as a phone or tablet with added gesture support. I'd like to see gestures to go back and forth on web pages, go fullscreen, even close a tab. Obviously, these would be optional and disabled by default so as not to confuse new users. Not everyone will use multi-touch but the power users will certainly appreciate the uhh... gesture.
A Little Bit of Flash
I like to imagine the Chrome OS team sitting down to lunch with the Android team every now and then and talking about UI design, future possibilities and a good philosophical debate about OS design. There's plenty of room for personal choice and a little friendly team competition, along with the ability to realize someone else is doing it better than you, is very healthy. So I've said my piece, what Android features do you want to see added to Chrome OS or maybe the other way around?