Yes, I would prefer ESR over SM in all cases where it (ESR) is working good (if I wouldn't have a chip already).
(As to why I would want to, I have seen that there are some instances in which ESR is superior to Swap Magic; for example, the in-game disc changing feature in Singstar is reported to work with ESR but not with SM).
It should work with most (if not all) chips and also SwapMagic.
Also, does anybody know whether ESR-patched backups work with other backup loading solutions (like the aforementioned Swap Magic)? That way, I would be able to have a single set of backup copies of my games, and choose the launching method when running Swap Magic.
Many thanks for your help!