Google held a press event this afternoon to talk about the company’s upcoming Google Chrome operating system. Here’s the short version: It’s a light weight OS built to support the Google Chrome web browser. The only apps that you’ll be able to install will be web apps, although Google is working to ensure that Chrome OS can interact with desktop hardware such as video cards and webcams.

Since the OS basically only exists to boot a web browser, the whole thing loads in about 7 seconds on a system with an Intel Atom processor, and you can get online and launch web apps in another 3 seconds.

You can read more about the operating system and see additional screenshots at Download Squad.

But here’s the interesting part for netbook users: Chrome is set to launch initially for netbook-like devices. That means clamshell devices with a full sized keyboard. In fact, Google representatives said that they expect the devices that run Google Chrome OS to be larger than today’s netbooks and to have high resolution displays. They say they expect those netbooks to be in “price ranges people are used to” seeing from netbooks today, which to me means $200 to $400.

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