I have installed one in a Ford F53 V10 motorhome. Not actually a "chip", it is a tuner, plugs into the Diagnostic port under your dash, downloads and saves your original tune, and uploads it's new one.
Sponsor 5Star sells one for V10's. Mine was from Brazels and they also do them for workhorse.
These things are not scary. They will not blow up your engine (insert caveats here, particularly some of the more radical diesel tuners) They may require premium fuel, but most done for RV's don't.
For gas models, they change the timing and fuel curves to produce more power at specific throttle opening percentages, under certain conditions, in certain gears even.
They also, and this is a biggie, can change when the transmission shifts up and down, and eliminate "hunting for a gear" and constant up and downshifting on mild grades.