Okay, I would like to answer your questions. But beware, it might be a longish read.
1 - Mental Abilities and Future Prediction
Our minds are always in a state of making future predictions and preparing our appropriate plans to react accordingly. One's ability to accurately predict the future depends on 2 things:
- availability of all related information
- deduction and induction skills to process this information
Your chip provides an enhancement to the first of these two, enabling the user to access very large amounts of data in an almost instantaneous way.
But what about the mental skills required to process this data? The skill to make inferences, implications and decisions? If the person is weak in these skills, larger amount of data will only serve to make him/her confused and undecided, instead of enhancing his intellect.
So, all in all, the chip will simply multiply the difference between this person's intellect and the common man's intellect; as in, it will make a smarter person far more smarter and an indecisive, mentally weak person, weaker and more indecisive. The extent of the difference will depend on the person's normal intellectual level.
Of course in cases where decision making is extremely linear and simple, the chip will grant the person almost magical skills.
2 - Physical Skills
If the chip enables the person to summon all of their muscles' power in an instant (a feat which only dedicated sportsmen can achieve), it will have obvious advantages for the user.
Can the chip control hormonal secretions and grant absolute emotional control? The user will become all the more psychologically strong and unbeatable.
Can the chip trigger permanent bodily changes (such as muscle growth, change of bone density and bone shape etc.)? It will make the person nearly a superman.
3 - Sample Scenarios
Note that I have assumed that the person using the chip has had an average IQ (without using the chip) of 105 and has a non-athletic, physically fit physique.
1- The User is Playing is Participating in a Live Reality Show
The person will be able to answer all trivia questions and win big $$$.
2- The User is a Detective Working on a Case
The officer will be able to instantly call data from a lot of police databases, compare patterns and narrow down the suspects far quicker than he would usually be able to. However, whom the officer charges as guilty slightly depends on his personality, too.
3- The User is in a Prison Cell
The user will be able to control his emotions and avoid getting pessimistic or depressed. He would be able to release endorphins in his brain whenever he pleases, in order to lift his mood and feel good about himself/herself even in apparently worst situations.