Google has been working on multiple profile support in Chrome since we last mentioned it. The latest Canary and Dev channel releases both have the new features, and it has come a long way, even if it is still a little rough around the edges.You no longer have to restart the browser to switch profiles, or disconnect/reconnect profiles to switch. You can create multiple profiles, assign different icons to them, and unlike the beta and stable channels, profiles do not have to be tied to a Google account. You can, if you want to, sync bookmarks, themes, history and passwords with the cloud, but it's not necessary.
Switching profiles is relatively seamless: click the profile icon and select the one you want to run from the profile list. A new window will appear running the selected profile with the old one behind it. Visit about:flags and enable multiple profiles to try it out.