I've been using dips for about 3 months now as primary chest exercise, seeing very good results. I work my back and chest on the same day, and it looks like this:
3st X 6rep
Weighted dips and close-grip pulldown superset
6st X 5-16rep
(5kg less with each set)
3st X 6rp
(strict form, 75-80 degrees)
3st X 8rp
That works fantastic, especially the superset, though it's
tough as nails, really fucking hard. My pulse rises more than with my squats. I'm seeing much more improvement with my chest than I ever did, although it keeps my bench from progressing.
A friend of mine who's only 75kg on 1.75m (but is fairly ripped) had a period when his only chest exercise was weighted dips. He got to the point he could do full range with 60kg strapped on him for about 4-5 reps (respect), and had GREAT chest development. Plus, forgot to mention - that guy's starting point was about 57-58kg with the same height and fat ratio!
Neither of us is competing, we don't even take supplements. Shows you these kind of routines can work very well with normal individuals, considering they practice hard and eat and sleep well.