While it is hard to say what Google expects to do or not to do, it does seem like Google are building an app platform on Chrome in parallel to the so called web app platform (HTML5 + Javascript).
Spreadsheets had (view-only) offline capability via Gears as far back as 2008 (see http://googledocs.blogspot.co.uk/2008/04/view-your-presentat...) but this was then discontinued in favour of the standards methods. FWIW, they have been helping with the HTML5 storage APIs from the beginning.
If it worked in Chrome outside of the store, it would be more plausible. But requiring the Chrome Store seems to indicate it is not using just standard HTML5 stuff like appCache. The issue of limited storage or not seems insufficient to explain this.
With DART and Go and Google Fiber, all one company. It kind of worries me to be honest. Overall though as long as Larry and Sergei are there it should be OK I think.