For now, cloud based music, video and photo storage works for me.
Productivity software is getting there, with some of the google docs stuff, but for us designers, the idea is still a non-starter without Adobe, 3D CAD, etc.
Part of me really likes the idea though. I hate the fact that I need to spec a different computer,with wildly different costs, for different tasks. I can see a future where all of the software you use is web/cloud based, and the processing, ram, graphics rendering is magically split up between local and remote hardware.
For this chromebook though, 249 is pretty damn cheap.