Chipping the engine depends highly on the ECU used and the turbo. You can technically allow for 30lbs of boost if you have a factory EBC but your turbo will run out of effciency at 15 and will melt itself at 25. (have a friend who had a vac hose come off so his waste gate wasn't actuated, he just bought a new turbo...)
not sure about the high end cars but most "average" cars with turbo are maxing out at 5psi - 10psi. so chipping it to 15 or even 20psi is possible without significantly shortening turbo life/engine life for those who care to try.
There will still be a considerable difference in feel between a large displacement V8 and a small-medium displacement turbo there is just no way around it. The question is will it be enough of a difference to make the S4/5 undesirable?
this is sort of pointless for me to say but i'll say it anyway... a V6 turbo for example is a happy medium between goign with a NA V8 or V6... you can get CLOSE to the same power as a V8 but be as fuel efficient as the V6.
i love it. for myself, i'm not sure if i want to drive a non-turbo car again.