Yeah - but with some ATM-type machines, you just feed it the card and have no control whether it chooses to use the magstrip or the chip (especially transit kiosks, in my experience).
I just saw a news story on Target's new pledge to install Chip and PIN (I think) readers and to issue the cards for their credit card. However, there was no mention of the two flavors of chip support. The fact that the current US "solution" is still sadly wanting is ignored.