Probably not that well at first, but if you throw the possibility of a laptop that competes with a Retina MBP into the mix, I'd imagine there would be some desire in the community to work on it at least.
(edit: competes in terms of screen resolution... 4GB RAM and an i5 is not as good as 8-16GB RAM and an i7 of course)
If you don't like chrome OS then you can install ubuntu or whatever. The lack of local storage space would be a pain, though, I do admit.