I'm no fan of either device. First, the Turbochip only does anything at all at wide-open-throttle and extremely high engine rpms. Legally, that is all they can be designed to do. If you're racing at the quarter-mile or you're 18, I'd say it may be worth your $$$ but for the other 99% of us Jeep owners, it's a waste of $$$.
The K&N air filter is actually a bad product for our Jeeps if you wheel in dusty conditions. It has been shown to let so much extra dirt into the engine that it's ridiculous. Not to mention that the OE air filter box is proven to have more air flow capability than the engine can draw at WOT and at max rpms. A K&N can let more air into SOME engines with purposely designed restrictive air intakes like some cars have but the TJ's air intake system was specifically designed to be totally non-restrictive.
That a K&N lets so much more grime into the engine plus the fact the engine isn't getting any more air with it (really, no rumor), a K&N is one of the worst things that can be done to a 4.0L engine. By the way the significant amount of added dirt the K&N passes was discovered in several ISO certified lab tests.
If someone is 16-21 and is more into speed than anything, then maybe a chip is worthwhile if you do a lot of wide-open throttle acceleration to high rpms. It doesn't do anything at lower rpms or non-WOT (throttle). No matter how you drive, a K&N air filter is never a good thing... if you love your engine that is. I got rid of my K&N years ago that ended up having two pre-filters over the top of it. I discovered on my own how much grime was getting past the K&N into my throttle body so I ended up installing an Outerwears pre-filter on it. When that wasn't quite enough, I added a foam Unifilter pre-filter over the top of the Outerwears pre-filter which finally turned the K&N filter into a reasonable air filter. My old K&N is now taking up space on a garage shelf.