Arvinder - this is what they do as of last year, so they do use it to its full potential. The chip time is the time from you crossing the line, and this is also your official time. And when you get the pictures, this is the time that is show on those as well. (They cover up the clock in the pictures so the "actual" time isn't shown at all.)
Also on the website you can see your own splits at 10km, 20km, half and 30 km.