Google will see the exact same thing anybody else does when visiting your site.
Unless content is loaded with ajax.
The classical way of using TreasureChest is to build product documents, each containing one or more calls to the TreasureChest snippet. In those pages, you can put all necessary infos to make your product search-engines-friendly.
You can put a TreasureChest snippet call in the "content" field and another in the summary ("introtext") field, each using different sub-templates as parameters.
Then, your catalog page can be built with Ditto. The summarized infos about each product can be generated by the TreasureChest calls located in the "introtext" fields. Such example catalog is available here:
http://www.altipoint.ch/demo_treasurechest
A priori, you don’t need Ajax to display your products, unless some search snippet is used. In all cases you can still build classical product pages with all details and make them referenced by search engines.
TreasureChest 1.2 uses Ajax to refresh the in-page embedded cart view (which is not mandatory), but this is usually not the place where the informations that are important for search engines are located.