Found this on another forum. Should we all be worried?
Privacy advocates objected to Chrome's End User License agreement, which appeared to give Google a perpetual right to use anything one entered into the browser. Section 11 stated that although users retain copyright to their works, "by submitting, posting, or displaying the content, you give Google a perpetual, irrevocable, worldwide, royalty-free, and nonexclusive license to reproduce, adapt, modify, translate, publish, publicly perform, publicly display, and distribute any content which you submit, post, or display on or through the services."

...Provided that users leave on the auto-suggest feature in Chrome and have Google as their default search provider, Google has the right to store any information typed into Chrome's Ominibox, which serves as both search bar and address bar. Google told CNET News that it plans to store about 2 percent of all such data, along with the IP address of the computer that entered the information.