Well remember the point isn't to reduce the posting on the forum, but to facilitate it. It's why I'd rather have a separate chat room than something embedded in the site. Besides, embedding the chat means you can't open any forum link without disconnecting or opening a new tab (and if you're doing that you may as well use a mobile chat client that takes up the whole page). That would separate the forum.
It could also help eliminate the clamoring for a general discussion subforum - people could go onto the chat room (where it won't take up nearly as much server space, and is easier to dump the archives of) for their smalltalk, and it would give people a place to go and ask questions before making the tenth "How do I make the Madeon Bass?" thread.
Like Nala said, with proper moderation and rules that prohibit self-promotion and spamming and all that good stuff, it can be a really valuable asset to a forum-based community.