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In practice, it means the same thing - modifying the ECU outputs to the engine. ECU flashing typically means changing the internal ECU data, while chips tend to instead modify what the ECU "sees." BTW, "chip" in this instance can be highly misleading - eBay scammers are well known for selling resistors in pretty packages, and calling them "chips."
It'd be better to change the ECU programming than rely on an external device.
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