Today, the Chrome OS still is cloud based. Its such a lightweight OS that turning it on takes just seconds, and it takes about 1/16th of the storage as a conventional Windows computer. This means the OS is stupendously fast, and if you can ignore its few limitations, the OS has amazing usability in a well connected system. Recently, Google announced all Android apps will natively run on the the Chrome OS, making it a great deal. Chromebooks today are extensively used in the field of education and are growing in its worldwide usage, with more people receiving reliable access to the cloud.
Google is also rolling out Lollipop 5.1 with a ton of bug fixes, a few changes to the Quick Settings and HD Voice Calling to some phones. There are small tweaks here and there, improving the overall experience of the system. So if you are already running Lollipop, do look out for this.