I have several, I prefer to replace the chip as my experience with them hasn't been ideal (keeping them secured in place seems to be an ongoing issue). But I get the appeal and agree they are a good option, but for how cheap the replacement pre-flashed chips are I find it easier to go that route, especially since I tend to just remove the stock BIOS when going the Bios Masta route.
Edit: having said that, I'll be installing a Neo BiosMasta this weekend since it looks like one of the pads on this MV1B is damaged. I'm far too lazy to run a new trace and looks like I've got one of the good red/white ones left.
@Neo-Alec do you use hot glue when attaching these? Even with I've had them pop off at inopportune times...