I just had to make a Chrome thread after seeing the others!
There are bugs now but they will be cleaned out. I believe I read that Google launched Chrome early because information about it was leaked about it.
As far as privacy goes, you have an option to send Google information about your usage to improve the product. Just don't check it if you don't want them to see what you're doing! It's simple.
I tried to install the Google Toolbar but it wouldn't work. I don't think they'll release Toolbar for the new browser. I do think they might incorporate parts of it into the browser in future updates.
Threat to IM? I don't think so. If there is, I am sure we can conform.
I think Google is a great company with a diverse set of products. They have so much money to throw at many different ideas, it can only continue to benefit us.
Now go download Google Chrome! Check it out. It's simple and fast. Easy to use. http://www.google.com/chrome