"I'm dubious that there will EVER be a practical system to verify bets and determine winning payouts."

Take a look at Mind Play at the Flamingo.
B&G has the RFID system in a lot of foreign casinos.

"The electronics I assume would just not see it. Yet you visibly put it in play and presumably the casino accepted it. Seems to me, they would have to pay off on the bet, but maybe would confiscate the chip after the dealers count and the payoff-display didn't agree"

This is a problem, as counters will zap them and the floorman will not know the bet has been doubled until its too late to not pay.