Chrome Beta requires Android 4.0 and higher just like the official app. The app allows Google to test features and updates before they are pushed to the stable Chrome browser. Chrome Beta is slightly unstable and has bugs because of the experimental updates that are being tested.
The newest features in Chrome Beta updates with saved passwords and autofill entries taken from your synced desktop browser. This update also includes "an experimental data compression feature" for bandwidth savings.
While you should be able to browse normally, Chrome Beta is not meant for normal use. When Google announces a new feature in Chrome Beta, you will be able to test it and help Google develop features in its official browser.
Difference between versions
Chrome Beta is not a finished app, expect bugs and possible crashes.
Our latest release contains stability and performance fixes. More information can be found on the Chrome Releases blog at http://goo.gl/CCPRW