>>Same scenario, I post the chip with a starting bid at face value, my reserve is what I originally paid. If the reserve is not met, I loose the listing fee.
Which position would you rather be in?

Ebay bases the insertion fee on a Reserve Listing on the reserve price plus there is a reserve fee (refunded if the item sells). So you do not save any money on the listing fee by using a reserve as opposed to setting the minimum bid at the reserve level. Actually if the item doesn't sell the reserve will cost you more.