Dude!!! Contact Racket via EMAIL! He has a great return policy. Just email him explaining your situation and as long as you aren't a dick about it (and probably even if you were), he will get you a full exchange. So... because you are freaking out in the forum about an issue, you expect him to know of your situation and come to you and offer you your exchange? Tough crowd, man! He doesn't see everything in here. He just gave me a full exchange on a DC vga cable that I purchased from him over 2 years ago. I had also cracked it open and preformed surgery, trying to get it to work - he asked no questions. I am now enjoying my DC in "full rendered splendor" on my Viewsonic Prof p225f 22" Flat CRT again because of Racket's great customer service!
Also, the same thing happened to me with my saturn. I did it the exact same way you did, and the exact same thing happened. Never got it working on that saturn. Back then I gave up and just did the swap trick. I recently got another model 2 saturn, took that same chip and bartered Hobie-wan to install it for me - works perfectly. So, just to clarify, in my situation that was identical to yours, it was not the chip that was defective. Getting your exchange will let you know if its the chip, or if its just that saturn that is not compatible with the chip or the way you installed it.
And there is much fun to be had with a chipped saturn so don't listen to this guy! You already have the Saturn, the chip, and have expressed your interest in SATURN, so let's just get that taken care of quick. Eventually, just do what many of us do - get both! I appreciate each system for pretty different reasons, so they compliment each other nicely.
edited because didnt like something said