Nah, the Zygote process does nothing as crazy as inotify. It's just a run mode of the chrome binary where it does nothing but listen for requests to fork off children to do other work. Thus, it ensures that those children are all the same instance of the same binary, so are guaranteed to be able to engage in IPC with each other (and with the master browser process) smoothly.
The thing is, a forking architecture like this is a good architecture for other reasons, compared to a plain exec() architecture. Among other things, it means that relocation happens only once, so it saves memory because pages dirtied by relocations are dirtied only once, and it saves time because relocation happens just once, at Chrome startup (an important consideration when the binary is 110Mb). KDE 3 used exactly this architecture just to minimize relocation overhead.
Again, this thing is *five hundred lines*. It's *trivial*. I've written similar things in under a day. And people are proposing massive invasive changes to every program storing state in /etc, and massive invasive changes to the way updates are carried out, to save on the terrible overhead of writing something tiny like this. Why? I am baffled.