Is it really ChromeOS?
No, it’s not. We had a lot of internal discussion on this, and have concluded that it’s more Android than ChromeOS. To be specific, it’s actually a modified Google TV release, but with all of the Bionic / Dalvik stripped out and replaced with a single binary for Chromecast. Since the Marvell DE3005 SOC running this is a single core variant of the 88DE3100, most of the Google TV code was reused. So, although it’s not going to let you install an APK or anything, its origins: the bootloader, kernel, init scripts, binaries, are all from the Google TV.
We are not ruling out the ability for this to become a Google TV “stick”. (Source