Course aggregate chipseal is all over Texas. If it's been down long enough for traffic to press the rocks into the asphalt, lane riding is not bad when traffic allows, mostly on more rural roads. Of course, shoulders never get smooth. TDOT proclaims course aggregate is safer than smooth, and has studies to back the claim. Here is link to another thread I started on BF. For a very good defense of TDOT's position, scroll down to michaelcycle's posts.

I recently rode from Texas chipseal onto Arkansas chipseal. Ark uses a finer aggregate that still has good grip characteristics, but is quiter and a bit smoother.