The chip is like any other VLocity upgrade chip - it offers more adjustments than the stock chip, new features, better battery life, etc. Unlike some others, it also has preset loader settings for specific uses, as well as being able to save one entirely user set mode.
The microboard is different in so much as a chip can only make changes to how the programming controls the loader - that's no criticism, the chip make a lot of changes to how the loader performs and what it can do. However, a new board can introduce hardware as well as firmware updates, so is capable of making even more changes.
The microboard can do everything that the chip can, but most notably, with the addition of an RF module kit, can also wirelessly synch to your marker. With the addition of the programming kit, the bosard could also be updated by the user if firmware updates are released.