Chip sealing is a normal part of asphalt road maintenance. After 10-15 years on new asphalt, crack sealing and chip sealing extend the life of the pavement. I live in a rural subdivision with over a mile of privately built and maintained road. We chip sealed last year with a little finer aggregate than typically used on adjacent county roads. Nearly all the roads I ride are chip sealed. If you're lucky, you might get by chip sealing twice before having to perform major grinding down and topping with new asphalt or complete replacement. Chip sealing cost $67,000.
I'm using 28-30mm tires with 23-25mm IW hookless rims and 52/56 psi. The ride is pretty good.