<p>From a web developer point of view, what changes are expected in the development arena when Google Chrome is released?</p>

<p>Are the developments powerful enough to make another revolution in the web? Will the way we see web programming change?</p>

<p>Or is it just another web browser?</p>

I think this is just another web browser. The most impact I expect to be improved Javascript performance, and the usability perspective. The first will benefit developers, especially when using Google Gears. I think the users will benefit the most from an enhanced user experience, the safety features, and ease of use.
I can only hope other browser vendors (MS) will follow Mozilla and Google to create a faster Javascript implementation, since this is the only thing that can truly impact web development.