Assuming chips in ChipMixer as "poker chips"(chips in casinos) may make understanding them easier.
Correct, i think that was the sort of thing that the Chipmixer team was aiming for as well.
The whole concept is quite easy to undrestand actually. But the "chips" make it impossible for chipmixer to reuse funds from your address, thus ensuring better anonymity than what you'd get from a normal bitcoin wallet.
I just saw Chipmixer's post on reddit as well regarding their way to combat the new regulations. I was wondering though, you can just have a 2-2 multisig and leave one of the keys at home or in the possession of a friend as well right?
Yes. You can keep one for yourself and one to whomever you want.
* Don't send your private key to someone you don't trust.
P.S. Main point in ChipMixer's post in Reddit is timelock [1] transaction, not multisig.