Specifically, the issue that remains in 5.0.356.0 is http://code.google.com/p/chromium/issues/detail?id=38604 which was duped into 32805. Arch Linux has a patch at http://aur.archlinux.org/packages/chromium-browser-svn/chromium-browser-svn/libpng-1.4.patch Which applies to 5.0.356.0 and fixes the issue for me. Untested with libpng-1.2, but AFAICT there should be no problems.
This is WebKit bug https://bugs.webkit.org/show_bug.cgi?id=33287 and I'd prefer this to be fixed upstream instead of patching Chrome locally. I'll bring it to the attention of Chromium WebKit developers.
Version 5.0.356.0 is not in the tree anymore, what is the status with other versions? Do the unmasked versions fail as well?
I made the ebuild apply the patch locally, I failed to find a webkit committer interested in that.
Just to avoid any trouble with libpng-1.4, I made sure all www-client/chromium ebuilds in the tree have the fix. 04 Apr 2010; Pawel Hajdan jr <phajdan.jr@gentoo.org> -chromium-5.0.307.11.ebuild, chromium-5.0.342.7.ebuild, -chromium-5.0.360.0.ebuild, chromium-5.0.360.5.ebuild: Make sure all ebuilds have the fix for libpng-1.4, bug #310959 by loki_val. Remove old. 03 Apr 2010; Pawel Hajdan jr <phajdan.jr@gentoo.org> +files/chromium-libpng-1.4.patch, chromium-5.0.366.2.ebuild, chromium-9999.ebuild: Fix build failure with libpng-1.4, bug #310959 by loki_val.