I heard this mentioned on the radio the other week, and I finally got the chance to try it out today.
Wash and slice an unpeeled potato or two. They need to be sliced very thinly, so I think a mandoline may be the best way to go. That's what I used (at the middle thickness setting). It would be interesting to hear how well it would work with a thicker slice. Toss the potatoes with a couple teaspoons olive oil and a little salt. Spray a microwavable plate with cooking spray and arrange the slices in one layer. Microwave for about 2-3 minutes, or until some of the slices start to turn brown. Turn them all over and microwave for another 2-4 minutes, until they're starting to crisp up and brown a little. Check often and watch to be sure they don't burn. I burned a few, and they didn't look burnt just well browned. Transfer to another plate to cool. They will cool quickly and crisp up even more. Repeat until all the potatoes are done. Store in an airtight container (if you don't eat them all right away).
These aren't quite the same as store-bought potato chips, but they're also not nearly as bad for you. They have a nice crisp crunch to them, and yes, it's hard to stop eating them like it is with regular potato chips. I like them better than the store-bought "baked" potato chips. The process is a little time-consuming, but it was a fun experiment to try. I might do it again sometime if I want something crispy/crunchy and salty. I want to try it with sweet potatoes, too.