Widevine and proprietary codec support (you'll want h.264) are optional components of Chromium, it depends on the build settings. But yes, you can. You can even go as far as enabling Google sync if you so choose but I don't see why you wouldn't just use Chrome at that point unless you had other customizations and did your own builds.

The one thing I'd like to see out of the thousand Chromium clones is one which modularizes the install more. I don't care about flash, bluetooth/usb, all of the SSDP stuff, PNACL, the PDF viewer, the hidden Google extensions, and others I can't think of right now but they are an absolute pain to remove and even harder to keep removed while staying up to date.