It works fine without a chip, just not as flexible. I had one and used it to change patches and had the expression pedals set up to do different things on a patch by patch basis. Not sure if it would be able to send 4 NRPN messages or not, which is what's needed to run the looper, best check Behringer's manual for that.
Looper control with an FCB has already successfully been demonstrated.
OTOH, if you organize your rigs and performances properly, a cheaper double-swich pedal would do most of the job 
AFAIK one thing the stock FCB won't do is stompbox mode, where the LED on a switch will turn on and off when it is alternately depressed (like a stompbox of course), also pressing a switch will not affect the last one you stepped on.
Programming the FCB1010 can be an incredible pain, especially without a PC editor. It can be done, but it's just really tedious and can get confusing.
If you have access to an EPROM programmer, you can download the Uno chip hex file from the Uno web site, program an EPROM, and put it in your FCB. The Uno will do stompbox mode, but again it is a pain to program.
The Uno4Kemper chip is really worth the money, it works very well and needs no setup. After fighting the stock FCB and a Uno equipped one with several other midi devices, spending hours upon hours programming, just plugging in the Uno4Kemper and it working right upon powerup was a revelation.
