This is what it looks like when you go to chip a photo. I used a photo from my flickr set. You can select to have 5 colors or 10 colors. I think the only downside is not being able to select which colors you want from the photo. This app automatically chooses the colors for you.
Once you have saved the chip board you can click on each color and it will give you a lot of information about it. I chose
< Golden Rule >
The Sherwin-Williams website also has a few other color tricks up their sleeves, what a great find.