I only have one instance where I use chips and that is in a recipe that stays somewhat soft. I usually try a recipe as written and this was one of Ina Garten's. I have been happy with every recipe of hers... sweet and savory. So when this cook, who usually advocates fine ingredients, got out a bag of Hershey's chips, I was intrigued. So I tried it. It was really good with the cake and I think what was different was the consistency. It remained soft, like a pudding. But that was perfect for the application. I actually used Callebaut chocolate for the cake and the two were really good together.
I have not always used couverture because I have to get that mail-order, but I always use it for coating. As FromScratch suggested, if it was readily available I would use it too.
What is available to me is Callebaut in blocks, Green and Black's in bars, and Guittard "chips". Occasionally I will use Ghirardelli if the recipe isn't using other fine ingredients. But all of these different recipes are priced accordingly. These differences in chocolate are why some cakes cost so much more than others.
Be careful with the Ghirardelli. Not all of it is actually chocolate. Those dipping bars in Sam's are chocolate flavor with no cocoa butter, only cocoa. I'm not sure about those big bags of chips either. I only use the bars that are about $10.00 lb.