The latest development version of Google Chrome (9.0.597.10 dev) has new functionality built in called Google Cloud Print. It's basically a printer proxy service. It works by identifying the printers available on your PC, and making them available through your Google Account. At the moment you can add your printers and then mange your printers. There is also a simple test print that can be performed.
Currently no applications are Google Cloud Print aware, so the test print is all you can do. According to Google, Chrome OS is to be the first cab off the rank to be Google Cloud Print aware, closely followed by smartphones. Eventually an API will be released to enable integration with various operating systems and applications.
What are the limitations?
Over the years there have been numerous paradigm shifts in the ICT world. Each shift has seen resistance from the proponents of existing infrastructure, who eventually needed to evolve or die out. While not always on the cutting edge of a movement or hanging their hat on the right technology (OS/2 cough cough), IBM is an excellent example of a company which has evolved with the times. Others were not so savvy (or lucky), DEC for example appeared to be stuck in the minicomputer era and failed to successfully transition into the low end server, microcomputer market.