It sounds like it removes a lot of cruft that Google didn’t want to have to deal with:
In the short term, Blink will bring little change for web developers. The bulk of the initial work will focus on internal architectural improvements and a simplification of the codebase. For example, we anticipate that we’ll be able to remove 7 build systems and delete more than 7,000 files—comprising more than 4.5 million lines—right off the bat. Over the long term a healthier codebase leads to more stability and fewer bugs.
Funny that Mozilla also made a browser tech announcement today. Not really sure about the implications with that one.