Chamois are a fantastic drying tool for automotive paint. There are a significant ammount of drawbacks however ( personally, i have over 100$ worth of chamois - quality ones at that).
1) they must be kept up very well, washed properly every time they are used, and stored in such a fashion that they dont develop mold and bacteria, or dry out to a point that they become hard as a rock.
2) If they get heavily stained, it is difficult to clean them, since (though directions may say otherwise) machine washing chamois is a no no. (would you wash your leather car seat in a washing machine?)
I beleive that they hold more water than a waffle weave MF, but I beleive WW MF absorbes faster, allowing you to soak up water with fewer passes. The less somthing must touch my paint, the more comfortabel i feel. . . .
I have not used my chamois on my vehicles in months. Especially now that I have plenty of WW MF drying towels . . .
IMO - you should use WW MF