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The way Chrome's extension system measures up to Firefox's is interesting. Because it's Javascript and Chrome's Javascript engine is amazing, Chrome extensions are generally faster and more responsive than Firefox ones. However, Chrome limits what you can do with extensions to a large degree.

You can make Firefox into an IRC client or a music player. You can add another layer of functionality like AdBlock which can stop some actions (like requests to download ads) from happening. You can change Firefox's tab colors based on which one was most recently viewed. You can hide Firefox's tabs to prevent people from seeing a more NSFW tab you have up along with your "work" tab. You can download .flv movies from things like YouTube easily using add-ons. Heck, you can make it [url=https://addons.mozilla.org/en-US/firefox/addon/4891]look and behave like the vim text editor[/url]! (this one I simply [i]must[/i] try out)

In short, Chrome does not allow you to modify or remove functionality that's built in. You can only add on top of it. That's cool though, because using its extra speed and multithreading abilities you can make a physics engine out of it... if that's what you want out of a browser.