NoChromo is a modified version of Chromium that comes with an integrated adblocker. And that's all. It's practically the same as the Google Chrome you probably have installed on your Android, but with a built-in adblocker. It should be noted that NoChromo doesn't attempt to hide the ad boxes that it blocks, so it's possible you might see gray boxes on some pages where you'd normally see advertisements.
In NoChromo you'll find everything you'd expect from an Android browser: incognito windows, bookmark management, tabbed browsing, history, etc.
NoChromo is a really interesting Android browser for the simple reason that it offers the same features as Google Chrome, but with an integrated adblocker. (Whether blocking ads on every page you visit is a positive thing or not is, of course, another question entirely.)