busdriver's summary above is spot on.
I flew the CV for 12 years. I wouldn't say chip burns were a 'common' thing but a singular chip burn would be seen every so often. The only time I got multiple PRGB chip burns I turned home after the second one, had a third one on final, and subsequently MX found the gear box was chipped out. I was just doing local training, easy call to go home. I also flew over open ocean frequently and we would talk through various EPs that would suck (such as PRGB chips or a drive system failure). Overall, the general consensus was that unless we doing a no fail POTUS directed mission, don't fuck around with chips.
Another thing from this accident that irks me is the rosy path we were led down by bell/boeing. We were always told to 'look for secondaries' associated with gear box chips. Well come to find out, you will see secondaries....about 6 seconds before the gearbox fails. Looking back, the logic was flawed. Reading through a lot of helicopter gearbox class A's shows that they don't give a whole lot of warning, such as loss of oil pressure, typically less than 30 seconds. The V-22 has an emergency lubrication system, that 'should' provide up to 30 minutes of lube. But that won't help if the loss of pressure is due to a gear coming apart. You just don't know what is failing inside the PRGB....not that it matters.
Overall, I loved flying the Osprey. I firmly believe that if the Marana crash had not happened and set the political firestorm that was the V-22 program back then, people wouldn't be so emotional about the program as they are today. The safety record is smack in the middle of the pack.
Oh and let's not forget that CAT5 lists the CV-22 on his bio....funny....because he crashed one.