I'm fine with the chip; that protects me, the bank, and the retailer. I am NOT fine with the PIN. My signature can't be stolen; if someone steals my card, the signature on the sales slip proves it's not me. But if someone steals your PIN they have your every penny.
It happened to me with a debit card. I welcome the chip, but of they add a PIN I'll cancel all my cards and go back to cash and checks, even though they're nowhere as convenient.