jaguarskx :
I have never used a Chromebook, but in my opinion they seem to be very limiting in terms of what you can do with it.
Actually you would be AMAZED at how much can be done on a Chromebook just like any Windows based laptop, all the same 'things', while not done the same 'way'. As their focus was in competition with Apple, that anything done on a Android Phone, can be done on a Android Tablet can be done on a Chromebook (aka iPhone, iMac, etc.) that "there is a app for that" same thinking, there is a plethora of apps out there to do 'everything' portably, be it look at CAD drawing, Powerpoint Presentations and so on that is common in business.
As you pointed out the storage would be normally 'online', hence why before ChromeOS release was the need and demand was for OFFLINE MODE, which meant the same or some applications and the DATA you referred to that 'lived' on the Cloud was also on the ChromeBook. Again thinking portability like Cell Phone, the inclusive slot for a SD allowed larger storage medium (was up to 64Gb at the time of release I believe) plus the included USB port allowed full compatibility with common/consumer of the shelf (COTS) portable 2.5mm based USB drives to have unlimited amount of storage capability offline as well. So the Chromebook passed the 'Businessperson - Plane' scenario, where they were working waiting for the plane in the airport, closed the Chromebook, opened it at the 'safe' altitude, instantly got back to work AND could use all the GoogleDOCS, Spreadsheet, GMail Offline, etc. apps nearly flawlessly.
For your own confirmation, simply go to the Google Store, and do a search for the TYPE of application you would common use in a business day, or by file extension (aka DOCX, PPT, etc.) and you will find a APP for that. ChromeOS is capable of being on par contender with any Windows laptop, and has sold and continues to sell extremely well.
BUT I would NOTE to you Mod: Windows now is becoming ChromeOS, as of the Windows 8 iteration, and per Microsoft's / everyone else's Business plan. If SmartPhones can do what a computer 'does', if a Tablet does all that a computer can do, then why can't the computer be more like Phones/Tablets: aka CloudOS? Check out Microsoft Blue, and Azure, both pushed this and the defining Office 360 is now pulling the main centerpointe (Office Suite Applications) of 'why' we had 'desktop' computers to begin with, and moving it all to the 'Cloud', no more software to install, no more OS to install, just replace your 'device' every 2 years.