The chipped adapter serves the purpose of telling the meter the wide-open aperture of the lens, and also serves to enable AF confirmation display (red flash of AF point when focus is achieved). I have used Olympus OM lenses with a chipped adapter and used the AF confirmation flash to alert me to best focus, since the AF focus screen is not as coarse as manual focus screens.
While manual focus with AF confirmation is not as fast as AF, it certainly is faster than rocking the focus back and forth to find best focus (like you might do with tradition manual focus screen that lacks a focus aid in the center, or with the not-coarse screens in AF cameras.