I've installed and tested the MYTH PRO chip on v16 console and here are the results:
the chip is actully same as the MYTH chip just colored brown, so installation is the same and fanctionality as well.
from this you can conclude that the chip is working very good with a 100% boot rate for ps2 and 95% boot rate for ps1.
the only thing that NEEDS to be check in this chip compared to the MYTH LITE is the UPGRADE feature.
well, the upgrade is working fine. on the menu you have the ability to upgrade to hombrew firmware (didn't checked that) and to version 1.0 with allows backups.
after upgrading the chip, you have to shutdown console, not just tapping the reset so the chip will work again.