Bought this unit for a daughter who was hogging my wife's MacBook Air (circa 2011). She (and I) could not be happier. We bought the 4GB + 14 inch. screen -model - This unit is fast, and we detect no lags while browsing with multiple tabs open, during video playback, etc.
The form factor is great, and the clean minimalist design is (somewhat) Mac-like. This unit is a bit larger and heavier than MacBook Air (which has a slightly smaller 13.3 inch screen, but is category leader in size/weight), but coming at about 1/3 of MacAir's price, this HP Chromebook is a great value proposition.
It *is* a Chromebook -- you won't be able to run Windows or Mac applications on it (Duh!), but considering that my daughter's computer activities revolve pretty much around the browser anyway, it worked out fine. She does her homework on it (using Google Docs). I am also going to set up MS Word Online for her, so that she can do word processing in Word format.
Google Docs and Word Online won't replace MS Word 100% -- but I believe very few will notice any difference, unless they do pretty specialized work (e.g., lawyers creating court papers with complicated tables / formatting, "redlines", automated table of contents, macros, etc. etc.).
I understand that the LCD screen is not as clean/crisp as some other (more expensive) models -- But the screen looks fine to me, and my daughter agrees. Of course everybody wants better screens, but given the price point at this time, the screen is not a deal breaker.
In fact, I was so impressed with this unit that I might be buying another unit for my own to use during business trips (even though I already have a Windows-based work laptop).