I've been using Chromium on Ubuntu 12.10 for a while now but I've been seeing some things about how Chromium doesn't update as frequently or something to that effect. Generally saying get rid of Chromium before anything bad happens. Is there something I don't know about Chromium other than it being a more open source Chrome with different colors?

Chromium is like the open-source and more unstable version of Chrome (AFAIK). If you don't care about open-sourceness and care about stability, go with Chrome.

Alex Brinister

Sounds an awful lot like FUD to me. Unless there are specific vulnerabilities that these people know of that are present in Chromium but not Chrome then I wouldn't worry.
I'm not sure how true it is but my understanding is that Chromium sends much less data back to Google about your browsing habits, but that may be FUD also.
One possible advantage I can see that Chrome has over Chromium is that Flash player will be part of it so if you need Flash you know you'll have it even if Adobe were to pull the plug on the Linux version or render it obsolete by another version update.