Usually, or at least in the US, "chick" is used sparingly. When we say it, it's only SLIGHTLY derogatory, and most of the time we don't mean it to be derogatory at all, although some women don't appreciate it.
And I don't think anybody's mentioned the fact that "chick" can also be taken differently depending on what kind of person says it.
-Usually only "cool" guys say it because it actually requires a kind of "cool guy" status for people to take you seriously when you say it.
-If you're an egotistical guy and you say "chick", people will take it as you negating the girl you talk about.
-Among friends, it has to be a word that is said often by you and/or your friends, or it will sound awkward. This is because: since it is a word that was used mostly in the 60's/70's/80's, open usage has died down. Your friends have to "warm up" to the sound of it, or if you just say it out-of-the-blue, it will sound misplaced.
EDIT: I forgot to add that it has a very sophomoric sound. Usage usually stops after high school, but sometimes carries into college/job after high school. Immature older guys use it but if you're an older guy, it's best not to use it because it makes you seem like a... well an immature jerk. Exceptions STILL apply to certain people, somehow.