Chisel plows have been around for a while. They were developed in the early 1930's as as alternative method of tillage to prevent erosion.
Conventional "moldboard plows" left a flat surface, with little crop residue to hold soil in place. In addition, the level surface allowed heavy rains to wash across the surface, carrying valuable topsoil away. Add to that, the fact that moldboard plows would compact the soil BELOW their working depth. That is known as "plow pan".
Chisel plows leave "grooves" or furrows on the surface. That limits the flow of water across the surface, preventing erosion. As well, the furrows allow water to soak in to the soil, helping the land retain soil moisture. The furrows will help to catch blowing snow, and to help prevent wind erosion as well.
Normally, chisel plows are operated at a depth greater than a normal plow. Usually from 10" to around 15". Deeper than that, usually requires a "deep ripper" or a "Vee Ripper". Nowdays, those are being combined with other tillage tools, and are called "disc rippers", "Mulch rippers" , and a host of other names.
Field cultivators are normally used at a shallower depth. They are more of a "secondary tillage" tool, used to achieve a "finished seedbed".
Due to the heavy load on a chisel plow shank, they are MUCH heavier built than your typical field cultivator. That wieght, combined with the heavy load generated by the operating depth, means a chisel plow will make for a heavy drawbar load on a tractor. One must also consider the soil type when sizing a tractor/chisel plow combination. Up until We went to exclusively No-Till farming, we chiseled our ground every fall. We have gumbo clay in this area. We pulled a 12' Will-Rich chisel plow behind a 130 HO Deere 4440. Later, we bought a 200HP 4955 (MFWD) Deere. We used a 16' DMI disc/chisel behind that tractor. (The 4955 would pull that plow about 1-1/2 MPH faster than the 12'er behind the 4440)
As we started using chisel plows, and eliminated the "plow pan", our fields would start draining better. Not nearly the trouble with standing water in the spring time. Yields went up too. (That being the main objective)
Years later, when we switched to no-till, our first worry was soil compaction without doing tillage. We quickly found out that nature would do our "tillage" for us. Earthworms and soil heaving (freeze/thaw) would improve soil conditions on their own. Now, after 15 years of no-till, we achieve higher yields than ever before, without all the trips over the field, burning fuel, and turning the soil .
As important as HP, the tractor needs to be ballasted properly to drag a chizel plow. You won't find too many loads that require the power and traction that a typical chisel plow will put on your tractor.