We analyze the physics of spin-3 Bose-Einstein condensates, and, in particular, the new physics expected in ongoing experiments with condensates of chromium atoms. We first discuss the ground-state properties, which, depending on still unknown chromium parameters, and for low magnetic fields, can present various types of phases. We also discuss the spinor dynamics in chromium spinor condensates, which present significant qualitative differences when compared to other spinor condensates. In particular, dipole-induced spin relaxation may lead for low magnetic fields to transfer of spin into angular momentum similar to the well-known Einstein-de Haas effect. Additionally, a rapid large transference of population between distant magnetic states also becomes possible.