A sign of quality is definitely using a cask/barrel. Chips need to be soaked to get even close to the same effect, but you can never really recreate the aged wood - for example, the barrel I used had a gold medal Whisky matured in it, and the barrel itself is nearly 12 years old, used for sherry in it's initial fill.
You just can't get that from chips, unless they are break down chips from a barrel, in which case you may as well use the bloody barrel.
My favourite smoked/oaked (smOaked?) is Paradox Smokhead by BrewDog.