I am having the problem with the updater I think. It seems what happened to @mikewalsh started happening to me on this setup. The update prompt GUI keeps appearing and will run the update but the /chrome directory is deleted when the update process is finished. I watched in a terminal the launch script run and it appears the updater does the wget successfully and the updater message reports a successful update. But the entire /chrome directory is gone.
So now when I run LAUNCH it says file or directory not found and stops. So to sum it up it seems the updater script mechanism is behind the issue
When I copy the /chrome from the tarball back in the LAUNCH from mikewalsh and the one with the modification both start up Chrome portable