I have had the C7 for 3 days now.
Positives: Ultra fast boot up and waking up from hibernation. (less than one second if it was in sleep mode) Very light, very quiet, doesn't get hot at ALL. Battery so far does last around 3-4 hours. Very simple to use, especially if you've used the Chrome browser for a while. Signed into my google account and my bookmarks, apps, etc all transferred over VERY easily. Chrome OS also had to download some updates upon initial startup. Took a whopping minute and a half. My wife's new Windows 7 laptop...66 updates, ~15 minutes.
Negatives: If you want to print, the printer must be able to hook up to cloud printing. I'm not tech savy enough to know if this is a major concern, just be aware of it. Keyboard is a bit small, but I'm quickly getting used to it. Some Chrome apps aren't compatible with Chrome OS yet. I would find an app in the store and my only download option was to my cell phone. I also bought an external blue-ray player in hopes to having a way to play DVDs on trips. Do far I've had no luck. Drivers won't install (.exe files won't even run). Not a major ordeal, but it's something to keep in mind.
I haven't tried Netflix yet but Flixster worked just fine with no issues. I've also been streaming YouTube videos with no issues yet.
I'm new here but I'll try to post another update once I've had it for a bit longer.