I myself am a bit more weary of the Chancelor's late-game abilities than I am of the Archbishop's opening abilities...perhaps because the openings I favor lead to somewhat longer, stodgier games that tend to lead to endgames where having the Chancelor's rank and file solidity is an advantage. Like Whisperz, I will almost always trade my Archbishop for a Chancelor, and have not seen much opening play (against an equal opponent, Ed and Rob!) where I feel the Archbishop solidified enough of a tactical advantage to counteract the Chancelor's heavy influence in endgames.

Speaking of Archbishop piece value, Ed and I played an interesting game recently where the Archbishop was traded early on for a rook and a bishop...it led to an interesting, unbalanced position. The side that had given up the Archbishop won, but then again, it was Ed v. me.;-)