Typing about:labs in Canary or Chrome developer builds shows a list of experimental features to enable and test. Google renames about:labs to about:flags in the Chromium build to warn users that these are experimental features that could change, break, or disappear at any time.
In fact, about:labs is GUI for command-line flags for the Chrome development team to test various new features, rather than having to enable each feature via the command-line flag.
Ben Goodger Chrome User Interface Leader it says to his team that “there should be no judgment you make about whether or not you add your experimental toggle to about:labs the answer is always YES ADD to about:labs”.
It also says: “As a side note, let’s rename about:labs to make it less user-friendly.
Currently, the Chromium build shows experimental about:labs features like about:flags.