Sorry to hear about your accident. I know the pain, I had a 40-50% burst fracture on T-8, after landing too flat on a low volume 40 footer. I did the same thing as you; dead flat sitting up right. My fracture was right behind my diaphragm and breathing after wards was one of the most painful things I've been through.
Don't worry too much about the chip in the vertebra. An even larger part of mine fragmented off to the side. Your body will dissolve the fragmented bone, and use the calcium to bond the remaining part of the spinal column. You'll probably have to wear a body brace for 3 months, but at least you will probably not have to get surgery. They typically insert titanium rods if the compression is larger than 50% and deemed unstable, and yours fortunately looks pretty minor. Be careful in your day to day routines if your not wearing a body brace. Certain movements and pressures, could cause the vertebra to collapse further.
Incidents like this is why I'm always so pessimistic about people hucking 100 footers. I vividly remember that sensation of my entire body being numb, and how thankful I was when I finally realized I could still wiggle my toes. I couldn't deal with being a paraplegic. If it wasn't for Nick Wigston and Tommy H, my life could have been a lot different. Those guys saved my ass big time. Tommy soloed somewhere around 50 feet to set up a rope for me, and both of them stepped up big to evacuate me out of the gorge. I owe those guys my life. If they hadn't had the serious rescue skills that they did, I would have had to kayak the rest of the gorge and probably died or ended up a paraplegic.
If you end up back towards Boulder, Colorado give me a call. I know a great spinal doctor. 203-383-9368
Sorry about you back and feel better!