will new US passports with 'chip' really expedite customs processing entering European countries?

edited August 2010 in - General Europe
Is it worth renewing my passport (which doesn't expire til 2012) now to get the new 'chip'? In other words, is there really any advantage (such as expedited processing) to having the new chip for quick trips (vacation/holiday) to Europe? (Planning travel from US to London, Edinburgh, Paris, Granada in October).
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