It helps make the Microsoft browser better in two respects:
- Start using open web technologies - like the HTML5
canvastag - right away, even technologies that aren’t yet supported in Internet Explorer 6, 7, or 8.
In short, Chrome Frame is a plug-in for Internet Explorer 6, 7, and 8 (to those still using IE 6, shame on you or your IT department) that makes Internet Explorer a better browser.
The caveat is that the web developers have to embed a special tag in their HTML code to switch to rendering using Google Chrome Frame instead of IE. Still a good move nonetheless. Hopefully if the takeup rate is high enough, IE6 can finally die.
Here's a video introduction of what Google Frame is about.