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Chip instalation won't void the warranty. However, if you have a problem that can be traced to the chip, the that repair would not be covered. For example, if you have a check engine light come on and the only code in the system is for a prom failure, I would remove the chip and clear the code. if all is well without the chip, I would have to charge you do to the fact that the chip caused the check engine light to come on.
A chip can really wake up the truck and improve the fuel mileage as well. The easiest ones are the tuners. You just plug them in under the dash, make a few choices, and it re-programs the PCM. It can be reprogrammed back to stock just as easily.