That 'chip' is NOTHING. That's where the 360* welt meets. There will obviously be a seam of some sort. If that's the only issue with the boots, you made out pretty good. As Tom from Leather Soul has said in the past; these are hand made none will be 100% perfect, so don't expect them to be.
Edit : To be honest thats a pretty clean connection (on the welt) as far as Alden built quality goes.