Earlier quoted context omitted.
I suppose I was mislead by the mozilla wiki link I posted which states at the top "The goal of the project is to run web content in a separate process from Firefox itself. The two major advantages of this model are security and performance. Security would improve because the content processes could be sandboxed"
The effect is overstated & overrepeated, especially with facilities like e.g. ptrace being available to processes on linux
This stuff is described at http://code.google.com/p/chromium/wiki/LinuxSandboxing - if after reading that you still don't think it provides a significant additional layer of security, it would be interesting to hear what flaws you see.