Pretty close, Igard.
The algorithm of this method is the following (or at least here is how I'm achieving the effect):
1 - spray a layer of silver primer or any other primer - then a coat of silver or any other metallic you want to appear in the effect
2 - spray a mid-thick layer of future all over the model. this would help secure the metallic layer, provide a good adhesion for the paint going next but along with that won't prevent good chipping. Plus to all that it has one other advantage - it fills all the small curves and seams on the model's surface way better then any primer.
3 - Let the future dry over the night (good drying of everything is of a great importance here in this technique)
4 - Spray a coat of color you want to make the "real vehicle's" primer of. This step can be skipped, as I did and now regret this, as I'll have to paint all the primer left unchipped around silver areas by hand :'(
5 - Spray all the rest colors on. The paint must be acrylic, and not any one will do. I've found that Vallejo is far superior here then any other.
6 - Let this all dry justice, for a good period of time. Mine has been drying for two days.
7- Everything is ready for clear creationship. Take a toothpick with a thin edge, put it in water. Then apply the water over the area where you want to place the chip. Wait a couple secs for the water to soak into paint, then start gently scribing the form of a chip you want to achieve.
Well, thats the idea. The water makes the bond between the paint and the future not so strong, but as it soaks into the microcopillars of the surface it provides a slightly randomistic effect, and that brings more realism.
I think that advantages of this method compared to hairspray chipping is that the whole surface of the model is ready for chipping, In the end you get a layer of paint with much better adhesion (even after drying hairspray leaves the layer of paint with a less good bond to the surface) and, finally, you won't end up on your wife's/girlfriend's wall frozen in carbonite by a bounty hunter she hired after discovering her favorite hairspray missing
Here is where I'm now playing with those chips: