Chinchillas have a lot of requirements that most people don't know about. Perhaps the most important is temperature. They overheat very easily, and need to be kept in an environment that is temp and humidity controlled.
They also can't get wet.
In addition they require a very large cage. Ours is pretty average and measures about 5'2" tall, 2'6" wide, and 1'6" deep. It is the MidWest brand Ferret Nation double cage, which is one of the most popular chin cages. They need something to excersise in, too. Balls are not recommended as they don't really make them large enough to not cause back problems long term. We special ordered a wheel for ours that is over a foot in diameter so that she can use it daily without injuring her back.
They are nocturnal (or, more accurately, crepuscular) and need to be kept in a place that is quiet during the day so they can get sleep or they'll get stressed out.
They also require dust baths that are both incredibly messy and also the cutest things in the world.
The chinchilla supplies sold at most commercial pet stores aren't really up to snuff for adequate nutrition. We order Tradition brand for Dizzy, but there is another reputable brand called Mazuri. The Oxbow brand timothy hay that Petsmart carries is the best hay we've found. They can have alphalpha, too, but too much can cause soft poo pellets. Since they poo anywhere anytime soft poos are horrific (especially when they poo while running in their wheel and it's soft and sticks to the wall. Yeah, been there) . They also need chew sticks to keep their teeth in good shape, but have some restrictions on the type of wood they can tolerate (like no willow or things with nuts). The problem is that a lot of the treats and chew toys marketed for chins really shouldn't be given to them. Kaytee brand is notorious for this.
They are extremely easy to litter train. You pretty much just put the tray with some bedding in there and they know what to do. We use pine shavings. They urinate in the litter and poo everywhere. And I do mean everywhere.
If you get serious about a chin I suggest spending some time on the chins-n-hedgies forums first. It's respected as THE source for chin information and help online.
Our chin is 5 years old now (they live 18-20 years, btw) and we've had her since she was 10 weeks old. She's really awesome and we love having her. However, we didn't do enough research up front and didn't really provide her the best home for the first year or so. We've got our act together now, but I still feel bad about how small her cage was when she was young, as well as some other things.
They really are great pets, just educate yourself on some of the things you would need to do and know as an owner before hand.
Good luck!