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A slightly-more-frequent-dev-release Chrome which can be installed along-side a regular Chrome (stable/beta/dev). Neat. Windows-only for now, sadly.

I wonder why "Canary", though...?

Canaries were once used as an early warning system in coal mines since they had a much lower tolerance of toxic gases like carbon monoxide. A dead canary meant to "get the hell out" as soon as possible.
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It's from internal Google jargon. Typically builds that break early, like the canary in a coalmine.
What is the current stability state of extension syncing? And is anyone working on a third party or self hosted sync platform? I don't really want or need my extension data or private bookmarks stored on Google's servers.
I like that they've broken away from the alpha/beta/RC/RTM naming conventions.

Maybe this symbolizes a shift away from waterfall software development.

I don't know why this got down-voted. It's mere speculation. If you know something about Google's software development practices that I don't, please chime in.