Directly from the blog.chromium.org. The three channels are:

* 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 throughly 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.
* 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.
* Developer preview channel. The Dev 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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