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I have done both, soaked and left dry. IMHO there is absolutely no benefit to soaking. Like has been said here, soaking just takes longer to get the wood hot enough to smoke, Afterall, it has to dry out before it will smolder / burn
I use nothing but chunks. Wet wood will give off a steamy smoke that probably is not that tasty. You can take a chunk, wrap one layer of aluminum foil completely around it and pinch off a few small opening in the foil on the sides. Lay it on the coals and let it go to work for you. You get plenty of smoke and not much, if any, flare ups.