Starting with Chrome 38 you can do this without any plugins. Just click inspect element (or F12 hotkey), then click on "toggle device mod" and you will see something like this:
Among many other features it allows you to simulate specific internet connection (3G, GPRS)
P.S. for people who try to limit the upload speed. Sadly at the current time it is not possible.
P.S.2 now you do not need to toggle anything. Throttling panel is available right from the network panel.
Note that while clicking on the No throttling you can create your custom throttling options.