Actually a fair number of the older PINPads take a crazily long time to generate ARQCs and validate ARPCs. I suspect whoever was supplying the HSM equivalents for the PINPads decided to go green and power them with an easily-tired gerbil rather than electricity.
Sure Chip + Sig will reduce card cloning, which is *by far* the biggest problem *at the moment*.
My worry is that once since crime migrates, and the fraudsters have got a lot of very smart engineers and programmers working for them now, once card cloning isn't a big business, will they migrate to something that isn't protected by Chip + Sig and we'll have this heartache all over again.
Certainly not helped by the fact that Visa and M/C are pushing merchants to do away with ARPCs and now they're even proposing to not include the amount in the ARQC data so they can do pre-insertion. Talk about reducing chip to the minimal possible security!