For me right now, the huge advantage that Chrome has is it's separate processes that you can dig into with it's very own Task Manager.
Keeping each tab, plugin, javascript, etc to it's own separate process (cpu and mem usage) is a brilliant idea, especially when one goes wrong and you need to kill only that single process.
It has a lot of other great features and stands a great chance at becoming real competition once more features are added on (which anyone can do since it's open source) but for me, right now, it's the task manager/separate processes that sets it apart.
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