Boot procedure for Magic III clone

[fratres]

I just got a chipped secondhand PAL V7. The guy told me he didn´t know what chip was inside but never had any problems. Today I tried a NFSU2-backup, and it worked well, but it took me some time to figure out the boot procedure with the reset button. Seems it needs two presses for EA games and just one for the others. But as I couldn´s find anything like this in the Boot prodedure section of the UI Sticky, I opened up the PS2 and found a chip that says Magic III, Autodetect V0.V7 with an UBICOM chip. Looks pretty much the same like the third one in the colorful row of the fake chips presented on http://www.modchip.ca/install/ps2/magic/magicfakes.php.
I read that people have problems with these chips, could anyone tell me which problems I have to expect and what is the correct boot procedure for Game Backups, DVDs, PSX-Backups and EA-Games? Please help!