Initial work focuses on internal improvements and brings very little change for web developers
Update: Chrome developer Alex Russell has an excellent read on this for those interested.
On the Chromium blog, Google just announced that they have split off WebKit to create and further develop the open source Blink rendering engine. Blink will, over time, diverge away from WebKit and evolve in "different directions" with a focus on speed and stability. If all goes according to plan, developer channels of Chrome and Chrome OS should see a Blink-powered version in short order.
The reason behind the decision, according to the Chromium blog post, is that Chrome handles all the different processor architectures a bit differently. Forking their own model will alleviate future issues in both the WebKit code and Chrome itself.
Chromium uses a different multi-process architecture than other WebKit-based browsers, and supporting multiple architectures over the years has led to increasing complexity for both the WebKit and Chromium projects. This has slowed down the collective pace of innovation - so today, we are introducing Blink, a new open source rendering engine based on WebKit.
Because WebKit is open source, Google has long been one of the main contributors. Blink will also be open source, and qualified developers will be able to become "official" contributors if nominated by the group.
On the surface, Blink won't bring much, if any, visual change. The changes are under the hood, and users should see no difference. Of course, with software anything can happen. This is a big undertaking, and we wish the best of luck to the entire Chrome team.
And yes, Blink sounds very Google Glass specific. There is no mention of the wearable device, and we're not going to speculate.
Source: Chromium blog