There's a master of chains in our party, and it hasn't caused any problems.
The spiked chain is great if you're into "specials": tripping, disarming, etc. This works well if most of the opposition is other humans. It doesn't work so well if you're mostly fighting big monsters (too hard to trip, a claw can't be disarmed). The chain also doesn't do that much damage compared to, say, a greatsword.