With all of the varying types of chips you can make armor, tools, and a sword.  Meteor armor (helmet, chest plate, leggings, and boots), tools, and sword has the magnetization enchantment when right clicked (don't worry about activating the enchant, it usually does it automatically when made).  Magnetization draws loose items around you to be attracted to you, making cave and strip mining very easy for the reason that you don't have to pick up the items but instead they come to you.  Magnetization sometimes even pulls items dropped directly into lava out and into your inventory.  Frezarite armor gives an enchant that allows you to walk on water by freezing it before you step.  Tools have seperate enchants, including for the pickaxe being able to mine under water faster, the hoe automatically hydrating dirt, and others.  Kreknorite armor gives you total resistance from fire and lava.  I don't believe you can make kreknorite tools, but I know for a fact there is a kreknorite sword that lights mobs on fire.

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