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Originally Posted by
Saltycracker
By default I model Serenity as being 90% effective, just because it's not something you use immediately when it comes off CD.
Chi Explosion is modeled as always using 3 Chi, so that it always generates the bonus TEB. So yes, if you were always able to use Chex at 3 Chi, it is a better talent than Serenity. Your mileage may vary though.
Personally I use Chi Explosion on single target encounters, because I feel it's a more versatile talent in that it yields more TEB to work with for trinket procs, tiger strikes, and other periods of short term benefit. I end up generating a lot of TEB that I then pair up with other heavy hitting abilities like Chex, and it ends up being a cycle that perpetuates itself pretty effectively.