Soldato
It's more a career milestone really. If you're a half decent engineer with proper experience it's pretty much a formality. The effort and time of writing up your experience, filling out the forms, getting it checked etc is often what delays people from getting chartered sooner than they do.
Thats pretty much summed it up for me. I just cant be bothered to do all the competancy cross referencing etc. I started it years ago but got cheesed off with it.
Now that Im a contractor it hasnt really been a problem not being a CEng and saves me money on the yearly subs