I carry a Acer XK Chipper that combines the loft of a Pitching Wedge (the loft of an 8-iron from 50 years ago) with the weight and lie of a modern putter to help when I'm in heavy green-side rough. This club is built on order with a Karma Black Velvet Grip (nothing special) and a 34-inch RH Apollo Straight Stepped Steel Shaft. I think this is the best buy in chippers when bought from Bell Putters Mfg E-bay site for $29 with free shipping (as I did, but it's over a $1 cheaper from Red River Golf). Mine arrived in just four days. Anything comparable (from a more mainstream company) will cost 2-4X more. And, cheaper chippers won't provide the perimeter weighting, the putter-like alignment line, or the goose-neck shaft to eliminate any chance for shanks.
The reason for a heavier club (like a mallet putter or a hybrid iron) is to reduce the yips, especially important out of the long grass often found around greens. A hybridized or malletized 8-iron is traditionally known as a chipper and will help any golfer chip straighter and more consistently for shots from just off the green in the rough. The disadvantage of extra weight is less feedback from the ball strike. I don't think The Acer XK goes overboard and is quite usable for fairway pitching from inside 40-50 yards. See http://golftips.golfsmith.com/use-chipper-club-golf-2461.html and http://golf-info-guide.com/video-golf-tips/how-to-use-a-chipper-golf-club-video/. Most chippers (like this one) fully conform to the Rules of Golf (http://www.usga.org/rulesfaq/rules_answer.asp?FAQidx=9&Rule;=4). Bad mouthing chippers, as many do, is like saying all modern drivers are illegal (starting with the banned Callaway ERC II) due to their excessive bounce and only a hack would carry one (like anyone still carrying a Cleveland Lob with Zip Grooves, also like me). Heck, the USGA only gave up their efforts to ban all metals shafts after everyone owned one (and so only a total hack, like me, would use graphite shafts).
A century ago, every golfer used to carry heavy wedges - they were called Niblicks and Jiggers (a word that implies a bad boy's club from the word previously referring to illegal spirits and false testimony). In recent years, many big name club designers have produced professional quality chippers (although most chippers are budget products). Cleveland makes a Cleveland Golf Men's Niblick-p 42 Degree Rh 35 Inch Pitch Wedge Retail as well as a 42 degree Cleveland Golf Men's Smart Sole Chipping Wedge (the second best selling Pitching Wedge at Amazon) and a 58 degree Cleveland Golf Men's Smart Sole Sand Wedge (the most similar club to my club but is lighter so less forgiving), Callaway's Odyssey has their 37 degree Marxman X putting wedge using their famous plastic insert (but without any grooves, it has limited value for short pitching), Adams Golf makes the 37 degree Idea 120S Chipper Wedge (http://adamsgolf.com/products/shortgame/a12os_chipper.php) and a 38 degree Hybrid Chipper, and PGA wedge designer Kit Mungo has his Herbie's Men's One Putt Wedge. PGA Tour player Kevin Stadler tried one out and Kit made PGA Tour Brett Ogle's broomstick 8-iron when he suffered badly from the yips (so, even tour players struggle with chipping). Bridgestone has the BRIDGESTONE PARADISO CL CHIPPER 35 deg STEEL SHAFT (33"), Tour Edge makes the 37 degree Tour Edge Bazooka HT Max-D Chipper right 35.0, and Acer has their 46 degree XK Flipper Chipper (the highest loft premium chipper making it also useful for pitching or simplifying getting out of the poor sand found at most courses).
With everyone (including me) hitting longer with their "illegal" drivers (ha ha), scoring well is increasingly based on a good short pitch or chip. And so, a chipper can help take 2-4 strokes off anyone's score (as well as 4 mmHg from your blood pressure - grin). I am in the rough less than 50 yards out about a third of the time. This club saves me a stroke as often as half of the time (I typically beat boggy par from the longest tees). That's worth a space in the bag to me. I prefer the greater loft of this club as it makes it more versatile (usable from farther out). When I'm that distance in the fairway, a fuller swing with my high loft wedge is often saving me a stroke or two from a poor hit yip half swing with a pitching wedge.
Anyone who says chipping is easy or that most chippers are illegal should just be ignored. They're the same people who used to say no serious golfer would ever use a belly putter (as I do "legally" by not attaching it to my body). Using that logic, since 1930's legend Montague was able to beat Bing Crosby with only a hoe, a rake, and a shovel, anyone using any golf club must be a hack (lol). Greens require a personal approach as touch is more important than mechanics (unlike driving, making the two very different games). The reality is that chippers (or Niblicks and Jiggers) are back with lofts from a Lob wedge to a 4-iron (as everyone attacks the problem differently). Some try to choke down to the bare shaft on their 4-hybrid to chip. The classic advice was to use an 8-iron. Today, most prefer to chip (using your shoulders and no wrist) with a high loft wedge, which has the loft of old 8-irons (http://www.youtube.com/watch?v=yRK6MF5jBkY or http://bcove.me/nxpbravf). To know which is best for you, you'll need to experiment. But, the problem with normal wedges is they have too little weight to safely get you out of the rough. That's the physics behind buying a modern chipper with grooves like mine. Bottom line: getting the right tool doesn't make you any less of a "real" golfer. It's time to evolve to a better game.