"Provide suggestions for text input, based on your recent context. For example, if you looked at a restaurant website and switched to the Maps app, the keyboard would offer the name of that restaurant as a suggestion to enter into the search bar. The data is indexed locally and never sent to the server. It's disabled in incognito mode."
So, it isn't the same as copying a string of text from a recipe or article and then Android automatically dropping it in an email or a text message, but it still sounds pretty useful. The info won't leave your phone, either. VentureBeat writes that you can activate the feature if you're running Chrome Canary on your device, but that you might not notice any changes.
What's more, the code review suggests that this won't be available on low-end devices. With I/O coming up next month, it's pretty likely we'll hear more about this feature soon, and what it'll mean in the context of Android O.