Well this is an interesting turn of events.
The current version of Canary has a proper full working Lion Fullscreen mode.
It actually works. And doesn't crash or freeze or look stupid. What happened? I thought they said it'd be a while? I guess it'll be a while before they trickle it into the stable version as Canary's currently on 15 and Stable's on 13 with Dev being on 14. Still. I'm going to test it some more, but I hope I'm not presumptuous when I say HALLE-FRICKIN-LUJAH!
The only problem is how fast the menubar appears. So if I overshoot a tab, I have to move back to get the menu to go away. But it's not a big deal if I don't care.
Also interestingly enough, I haven't found any show-stopping bugs in the current Canary yet that are forcing me to go back to Chrome Proper.
Hmmmmm....
Edit: Also, the old "no toolbar" Fullscreen mode is now called "Presentation mode" and is separate from regular fullscreen mode. Holy fuck these people are serious about Chrome on Lion. I tell you what.
Edit: AND on OS X it also bounces the Downloads icon when a file is finished like Safari does. (Too bad I don't use the Downloads folder. I use the Desktop. Also sorry if this has been there for a while.)