Google today announced that users can now install and use Chrome Stable, Beta and Dev builds side by side. Different build channel installations of Chrome would use different sets of profile and settings data, and can be run simultaneously. This would specially benefit the developers in testing their websites and apps on pre-release versions along with the latest stable version of Chrome.
Earlier, it was not possible to run stable, beta and dev builds of Chrome simultaneously. Users could install and use just one of them at a time. Although, they could use another pre-release build channel, Chrome Canary, along with one of the stable, beta or dev build. But the Canary channel of Chrome updates almost daily and breaks feature more often.
(via Chromium Blog)