Chipping vs. remapping

chipping = remapping.
two words for the same thing.
Basically the information your ECU has stored to run your engines will be modifed (except with an add-on box)

a car manufacturer has to comply with emmissions which sometimes are not practical in every day use, but stipulated.

More torque = more speed. horsepower is a result of torque/time

and yes, more torque = more tyre wear

fuel economy can improve in some cars.

chipping = used in systems which can not be flashed and whole chip needs to be swapped with another one which has been written/burned OUTSIDE your ECU

remapping = ECUs with a flashable chip which can be written IN your ECU (sometimes just via diagnostic port)

Price must not be equal to quality and vice versa.
You can buy a good box for 100 quid or get a crappy remap for 500. And vice versa.

Add on boxes = devices which are plugged BETWEEN your ECU and the cars engine/diesel pump which fake/modify the signal from your engine/sensors to let the engine run differently than intended --> more power
positive for the box: can be plugged in by YOU and removed by you whenever you want (service!)
Negative: not as fine tuned as a "proper" remap which may result in more power but undesired running conditions on other areas.

Choose your product wisely and look for a shop with a good reputation and CUSTOMER SERVICE to make sure your money is well spend.

HTH

EDIT:
there is a another term I want to throw in.
LIVEmapping.
Basically all of the above (except the box) but done right to your engine while running on a Dyno to tailor the mapping/chipping to your car.
This is the most expensive of all methods but 9 out of 10 the best. EXCEPTION (as always) are probably turbo diesel cars. I believe you don't need to super fine tune a diesel car per car. There is no ignition involved as on a petrol car which can destroy and engine within days if carried out wrong.
Very important for a higly tune normally aspirated petrol engine, but not for an off the mill turbo diesel.

But keep in mind, nothing is for free --> more power = more wear.

Edited by UweM3

Very helpful as always. Now need to find a good place to
start with.