Google is working on a new interface for its Chrome browser. Some changes they are considering may include replacing the address bar with something less intrusive such as a vanishing address bar that only shows up when you hover over a certain area.
They are actually working on four different interfaces: classic, sidetab, touch, and compact. The classic is like your current Chrome browser, the sidetab places navigation elements on a sidebar, and touch is for touchscreens.
The compact is the interface that may have a vanishing address bar and features all navigation elements on one line resembling the recent RC release of Internet Explorer 9, which sports a sleek new interface with the address bar and tab bar being in the same row.