What I find interesting here is that ChromeOS has its own window manager for X. I was under the impression that the video system was something new. Does this mean that they still support X running on their own video subsystem?

I predict that someone will start releasing self-compiled ChromiumOS builds running very soon.

According to that it looks like they are definitely using X.

They seem to have made a lot of tweaks to low level firmware too.

You got suckered by completely unfounded rumors. (Don't feel bad, so did almost everyone else.)