I'm fine with it. Everyone will be doing it soon. Not all of the stores I go to have the chip reader, so I'm still doing both. I monitor my accounts, so far no problems, but it is only a matter of time.
Not sure what stores get from it, though they do a shopper profile on you based on average buys of certain products. That's been happening for a long time. Are they getting more info from the chip? Probably still the same.