What kind of chip and pin are you talking about? The kind under consideration, which still also has the magstripe (and thus vulnerable to exploits of both EMV and magstripe)? It's a no brainer to avoid those cards. There's no worse approach than adding new vulnerabilities and simultaneously removing legal protection.

If you are talking about inventing a new kind of chip and pin card that omits the magstripe, that would be an improvement, but still only a "no brainer" after new statutes are introduced to nullify the extra legal risk to the consumer with regards to PIN authentication. So if bringing in something new, why not skip straight to the next advancement, and bring in biometrics and virtual numbers?

Even if the laws were properly revised, criminals go for the low-hanging fruit. Once the lowest hanging fruit is gone, they will simply migrate to the next lowest hanging fruit.

We have to play the cat/mouse game to some extent, but obviously it's foolish to sacrifice the protection that matters the most - the legal protection, simply to advance to 20 year old technology that will (by default) come under greater attack. (yes, chip and pin is 20 years old already).