I just want to know the difference between the two “different” products. Is the latter a Beta version?
The Canary Build's name refers to the old practice
of miners bringing a canary into a coal mine. If poisonous gasses were
present, the canary would die before it would kill the miners, acting as
an alarm system. That might give you some idea on just how unstable
this build channel is expected to be.
Thank you for the insight, Shane!
as this blog explains, the Google Canary build is a type of beta or developer channel build, the difference being that it updates even more frequently, i.e. possibly daily as opposed to weekly.
The advantage is that it's a standalone application and you don't have to jeopardize your regular Chrome build installation.