Not exactly. It would if we redirected the user's data. Since Chrome Frame isn't a freestanding browser, though, it's really not necessary to redirect the user's data. That's likely what we're going to end up doing, once we fully test it.
If Google got SSO to our SAML server working for Chrome Sync this would be a non-issue but, apparently, we're also the only people in the world that want that functionality, too.