Fractional chips are the way to go. Revaluing chips would confuse people and someone would lose their shirt somehow.
Hopefully they won't have to go too far doing this; if BTC's value goes high enough then everyone's going to have to start playing in special micro-chips or something. Revaluing chips would be pretty straightforward
the way I described it but if they did it right as the BTC market crashed then it would be a mess -- but then again it would have been anyway as cashouts are manual and they'd be flooded with cashout requests, which might then be delayed.