Oracle-enforced PIN protection vs Secure chip

Hi everyone,

I was researching the implementation of the Blockstream Jade's hardware wallet and first I noticed that they don't use the traditional secure element that other popular wallets use. However, what they came up with as a fully open source solution I find it actually pretty clever on top of all the other benefits (not being able to crack the chip directly; making the security layer decentralized; allowing you to run your own Oracle PIN node etc).

I would really love to hear other opinions about this protection design and Jade's wallet in particular. Any users to share their experience and pros/cons?