This whole story is kind of weird. I’ve only been watching on the periphery, but the background gist is this:
From what I understand, it all starts here, an article outlining an example of Google violating it’s own guidelines against paid link listings. The usual result for this action is either a time-based penalty or outright banning.
Yesterday, a follow-up post was published illustrating that yes, Chrome was in fact undergoing various changes regarding where it would show up for certain search queries.
Long story short: searches for “Chrome” resulted in links pointing toward the support docs on support.google.com and searches for “browser” found links to Chrome falling as low as the 73rd result. Very interesting.
A short time later, Matt Cutts provided a more official response to the situation explaining a bit more from behind the scenes, and also divulging that http://www.google.com/chrome will be demoted for at least 60 days.
Weird stuff, man.