Microchipping gives you are far better chance of being reunited with your bird if you become separated. Vets, rescues, the RSPCA, etc routinely scan for 'chips when a bird comes in and they can quickly identify a keeper from the registered details. Leg rings are hit and miss by comparison. Ultimately, they depend on the keeper calling them and knowing what the ring number is.
The chip is like a grain of rice, but the needle, relative to the body size, is large and it has to be inserted deep into the chest/flight muscle to ensure that the chip does not move once implanted. The skin is normally closed using medical grade cynoacrylate (superglue). The procedure takes less than 5 mins.
Jardine Jessie is 'chipped. At 250g, the risks of the procedure were relatively small. I put it off for too long but she handled it just fine. I did limit Jessie's activity for 24 hours - a bird's chest muscles are used for breathing so it was likely to be sore for a while. Anything on top of that (e.g. flight) is worth restricting to help the healing process, but within 24 hours it was as if nothing had happened and Jessie suffered no ill effects.
Many vets will implant microchips because in the long run, it makes the process of locating the keeper a quicker, more efficient and less costly process. For this reason, the procedure is normally inexpensive. Talk to your avian vet about it and they will advise about the risks and suitability.