Also with regards to pin/signature I've yet to see a card and retail terminal that doesn't support both. It is just up to the bank to decide which it likes best and it asks for that. So if you come from Canadaland and use your card, it'll ask you for a PIN, and the American behind you will get a signature. However that American signature card works just fine on the PIN only automated terminals in the UK so long as you've set up a PIN on it. Heck you can see both as an American in Target if you like. Target has upgraded to chip readers now. If you have one of their store credit cards, they'll issue you a chip ONLY card, no mag stripe. It will use a PIN, not a signature. However take out your Visa and stick it in the same machine, and it'll use signature. It is up to what the bank requests as default.
You can argue about if it is a good idea to use signature, but it is absolutely no problem from an implementation standpoint. The terminals do both. When I was in the UK this month, everything happily took my US card and just spit out a signature form, excepting automated kiosks (for the subway and shit) which happily used the PIN I'd set. This was all handled on the design of the system years ago.
With regards to speed I will say that it is a tiny bit slower, even with good equipment, and this is something that the hardware makers are aware of and are working on but it is seriously trivial. On a quality, hardwired, terminal you get a swipe through in maybe 1-3 seconds, a chip seems to take maybe 5-10. Oh no, a few extra seconds, what ever will I do! It isn't like you are waiting for a minute or something. The things that take a long time with chip are usually ones that take a long time (just less of a long time) with swipe, namely wireless ones that have to establish a connection like vending machines.