I don't like it either. But at least it's been designed from the ground up to match its context. The execution is bad but the intent is there, rather than with the chrome and drive icons which were kept as is and slapped against a black background.
Imagine the safari icon from Mac OSx against a black rounded square. That's what google did with Chrome, and it's lazy.
Hmm...I am not sure if I like the fullscreen option or not. Sometimes, it feels like a pain to get the interface to reappear, but sometimes it is nice.