Ah yes, the chomper. Look into one of these thing a few years ago. From what I was able to find out, the chomper is better than a bag full of twenties, provided you are processing the right wood (small and straight). If you are processing the wrong wood, it is a curse. Biggest problem (even in the right wood) is that the shear head gets screaming hot. Never used one so cant tell you more than that.
Best processor on the market (IMHP) is a Cork King (
http://www.cord-master.com/) in Canada. Multiteck (
http://www.multitekinc.com/) is considered the industry standard in the USA. Timberwolf and Valley processors (
www.timberwolfcorp.com/) also make good equipment.
I have run a simple valley processor that used a 13hp Honda motor and a 066 magnum chainsaw and was quite pleased with the speed of the machine. Big problem was that you were quickly buried in split wood making a conveyor a necessity.
Another design I have researched is made by power split international (
http://client.forestindustry.com/powersplit/). There self propelled vertical double and single splitters with conveyors are a really unique design that fill the gap between a simple hydraulic splitter and a firewood processor. If you know a little bit about welding and hydraulics you could probably make one for yourself.