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Stable channel. Everyone is on the Stable channel when they first install Google Chrome. The Stable channel is updated with features and fixes once they have been thoroughly tested in the Beta channel. If you want a rock solid browser but don't need the latest features, the Stable channel is for you.
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Beta channel. People who like to use and help refine the latest features subscribe to the Beta channel. Every month or so, we promote stable and complete features from the Dev channel to the Beta channel. The Beta channel is more stable than Dev, but may lack the polish one expects from a finished product.
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Dev channel. This developer preview channel is where ideas get tested (and sometimes fail). The Dev channel can be very unstable at times, and new features usually require some manual configuration to be enabled. Still, simply using Dev channel releases is an easy (practically zero-effort) way for anyone to help improve Google Chrome.
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Canary build. This build is for people who want to help test Google Chrome and contribute to its development. The Canary build is updated even more frequently than the Dev channel and is not tested before being released. Because the Canary build may at times be unusable, it cannot be set as your default browser and may be installed in addition to any of the above channels of Google Chrome. By default, it also reports crashes and usage statistics to Google (you can disable this on the download page).
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Problems? See this thread at archive.org.
