That looks exactly like my first chipper. An Asplundh JEXY Chipmunk. Paid $8,000 for it in 1987, brand new. It was good for up to about 5 inch diameter, but it whipped you to death. I'd never go back to one like that.
Brian, I just bought a new Morbark Model 13 last Tuesday. 13" capacity drum style with auto-feed, 125 HP Perkins, electric brakes. $32K. Its sweet. Nice small chips and quieter than the Bandit disc chippers. My only complaint is the fuel consumption.