This is the Chrome OS based on Linux - which makes it a Linux distro - but it will not be open. This is due to the fact that Chrome -OS does not use X11 which Linux DE's like Gnome and KDE are based upon.
They are using the Chrome browser instead and they are making hardware specific adjustments to make the system lean and fast.
The open source bit is called Chromium OS and can be developed and contributed to in traditional Linux style.
Now HP is launching a Chromebook that probably will be a great success - And Linus Torvalds likes Linux Chrome OS better than Gnome 3....
It would not at all be surprising if HP has greater success with it than with Windows 8 PC's. The Chromebook will not be limited to Chrome OS so you can use the hardware for other OS's if you like.
That makes Google more confident than Microsoft and the hardware more usable.
Here are the specs:
- 14’’ BrightView LED-backlit display (1366 x 768)
0.83 inch thin – 3.96 lbs / 1.8 kg
Up to 4.25 hours of battery 1
Dual-core Intel® Celeron® Processor
100 GB Google Drive Cloud Storage2 with 16GB Solid State Drive
Built-in dual band Wi-Fi 802.11 a/b/g/n and ethernet
HD Camera
3x USB 2.0
HDMI Port
2-in-1 memory card slot (SD, MMC)
Bluetooth 3.0™ Compatible
Kensington™ key lock compatible
Adding a 100 GB cloud storage is strictly spoken not a HW spec though - but it comes with the deal
Not the greatest of specifications but more than enough to put Arch Linux on it if you ever get tired of Chrome OS