QUOTE (Badmoodguy88 @ Jul 22 2010, 12:14 PM)

I don't really know what the stuff tastes like, it may all be hype, but I know some parts of the cut aren't very good. The "chain" is the tail end of the cut (the part facing the head I think). It is part of the tenderloin. So some parts might go into hamburger. Also it has "silver skin" (thick white reflective connective tissue) along one side of its length that must be removed and is tricky to cut off.
Here's how it breaks down: Generally speaking, the Americans view beef as two ends of a spectrum, where on one side there is tenderness/preparation, and the other side is ease of preparation. The most tender and flavorful cuts of beef also tend to be the ones that take the longest to prepare, as they have much more harder fat or connective tissue, or come from a muscle that gets a lot of work. The basic axiom is fat=flavor. As a result, they must be cooked for a long time to turn them into melt-in-your-mouth deliciousness. Think of a stew that has been simmering all day, or short ribs that have been braised for a few hours.
On the other side of the spectrum, cuts without a lot of fat or connective tissue (think a strip steak or sirloin) can be quickly cooked and remain tender enough to eat, but don't have near the flavor of the slow-cooked types of beef. Also, the longer you cook them, the tougher they become, because the muscle fibers contract quickly and don't have the collegens and fats to break them down.
Therefore, in this country, our culture has told us that quick cooking is primary, THEN you go for flavor. This is why the tenderloin is so popular, because it is a very lean piece of meat, but is super tender because it is a muscle that doesn't get much of any use by the animal. Flavor is pretty good, especially in Prime grade, but IMHO does not hold a candle to really good slow cooked meat. I'll take braised or BBQ any day of the week.
As for the preparation, honestly, its not that big of a deal. A trained chef can break down a whole tenderloin, including the silverskin, in about 15 - 20 minutes. The chain was originally a butchers cut (the cuts that the butcher would keep for himself), because its not a single piece that can be turned into steaks. They make some of the most amazing cheesesteaks, though.