I like chrome mostly because I started using the beta when it did nothing but view pages, and that's all I want my browser to do. The current version doesn't have too much added on junk either, and its certainly a lot less than one of the more clunky brosers like IE or firefox. A browser with nothing but a url bar, back, forward, and refresh buttons is all that I have any need for. I really don't see a good reason to remove the url bar though, as its the only UI element that actually gets used. I don't use addons or favorites at all, and options, back, forward and refresh only very rarely, but I do use the url bar. I could see chrome dropping everything but the url bar, and maybe having refresh and back as keybard shortcuts, but the url bar needs to stay or I'll probably switch to opera.
As far as ads goes, who cares? They don't get in my way and I'd rather have fast page loads than have to deal with a clunky browser just so I can see white space instead of ads that I'll ignore either way.