It's a bit of a middle ground. Yes, the replication is synchronous, which impacts availability. However, the master can remove a failed replica from the chain fairly quickly. In principle, with proper tuning, a node failure would merely cause a brief hiccup. This would feel more like a period of increased latency than a full-blown outage. So there really needn't be much sacrifice of availability.
However, there's also a sacrifice of partition tolerance. If the master is unable to communicate with any replica, the system can't serve requests. Also, the master is implemented as a collection of Paxos nodes; if these nodes are partitioned from one another, the entire system would grind to a halt.
Since this is intended for intra-datacenter use, one could argue that a full network partition might be unlikely. (Depending on what sort of data center you hang out in.) But in CAP terms, it's possible, of course.
(I base all this on the value-dependent chaining paper cited below.)
However, there's also a sacrifice of partition tolerance. If the master is unable to communicate with any replica, the system can't serve requests. Also, the master is implemented as a collection of Paxos nodes; if these nodes are partitioned from one another, the entire system would grind to a halt.
Since this is intended for intra-datacenter use, one could argue that a full network partition might be unlikely. (Depending on what sort of data center you hang out in.) But in CAP terms, it's possible, of course.
(I base all this on the value-dependent chaining paper cited below.)