Even though the service is still called Web History, the Google Toolbar feature was removed a few months ago. "With Google Web History in Toolbar you once could store the URLs of the pages you've visited, to view and manage from any computer by signing into your Google Account. However, Web History in Toolbar is no longer supported and no new Web History information is being recorded from Toolbar," informs Google.
It's surprising that Google didn't integrate Web History with Chrome. The service shows the bookmarks from Google Toolbar instead of the bookmarks saved in Chrome and it doesn't show the browsing history synced by Chrome.