My gf just got a Chrome OS notebook from Google - that is probably the best use case for it.

That was my initial reaction to this too. But without a compiler/interpreter on hand, this app won't be too useful for any serious coding. You just can't test what you're writing.

On the other hand, this is fantastic for non-code text files.

Maybe something like this could work?

http://www.cloudcompiling.com/cloudcompilingsaas.html

Wasn't there a link to a "Cloud Compiler" yesterday?

Yet.