Updates 1/2/2014 - Adding Paint Chips
My first new post of the new year and I have finished adding the paint chips to the tank. I did not try to go over board and apply too much paint chipping as this was still a "relatively" new tank that has spent about 2 months out in the open.
They say that one should add random paint chips to the tank, but this is not exactly true. Most paint chipping would occur in areas of the tank that experience wear and tear such as hatches, door panels, access points and areas that get heavy foot traffic so I concentrated most of my chipping there.
There are basically 2 kinds of paint chips. The 1st type are paint chips that have a hard well defined edge where the paint has "peeled" to reveal either the red oxide primer or bare metal. Although I cannot say I am an expert now at applying the paint chips to make them appear like paint chips, this kind of paint chip is still relatively easy to do and replicate.
For the first type, I used 2 colors, Tamiya Hull Red and Dark Iron.
I used a fine brush with a pointed tip, dip the brush in the paint and apply the paint to replicate chipping. I start with a fine point first and only enlarge the chip if I feel like it.
The cause of the first type of chip is varied. Sometimes paint will peel from hard contact with other objects or sometimes moisture just accumulates under the paint and push the paint upward until it peels. This kind of chip would often leave a circular paint chip rather than a random shaped jagged edge one. (see circular chips on the Unit numbers)

(See circular paint chips at the bottom of the rear hatch.) Chipping in this area is relatively heavy since this hatch experiences a lot of activity. After all it is this hatch where the ammunition for the gun is loaded into the turret.
For small chips I go straight Dark Iron.
For larger chips, I first start with Hull Red as exposed primer and then add Dark Iron on the inside to simulate bare metal. The Hull red would then form the outline of the paint chip.
I also added paint chipping on straight panel lines and hatch edges to break up the lines and make it more "natural"??

\
The 2nd kind of paint chip is a bit harder to replicate. I call this chip , "feathered chipping". This kind of chipping does not have a well defined edge but is kind of feathered. The cause of this chipping is the gradual wear of paint from constant rubbing on objects that are relatively soft, like shoes or footwear. This kind of chip is very evident on textured surfaces where the "peaks"would have their paint worn off while leaving the "valleys" untouched.
To replicate this kind of chipping, I use the dry brush method. I use only one color, Tamiya Dark Iron for this kind of chip. First dip a wider brush on the paint.
I remove almost all the paint by dabbing the brush repeatedly using tissue paper.
Count to 30 to make sure that the brush is almost "dry" and then vigorously paint using the brush on a raised area of the tank were you like to have the effect. You will not see a change in color at first so you will want to do this repeatedly. (dip brush in paint, remove excess in tissue paper, wait 30 secs before applying) This way you can control how the paint accumulates on the area and doesn't look like it was painted on. Notice how I push the brush flat against the surface. You may have to do this since you have so little paint to work on since the brush is "dry".
Result
Screen grills and mesh look especially good using this technique. It allows the mesh to almost disappear so you can now see the insides of the openings. (Since the mesh is now darker and will not reflect the light)
The textured side surfaces of the raised cooling tower will also look good using this technique.
Here is the pic of the rear deck after chiping using the 2 techniques I mentioned.
Thanks for reading.