On a poly chanter top the ferrule is definitely decorative. On a wooden top is may help guard against splitting. The top of the chanter is the part most subject to dampness. My Dunbar chanter is a combo. The chanter body is african blackwood, while the top is poly (no ferrule). I did order it with a sole, simply because I like the look. The sole does, however, have the slight advantage of elevating the end of the chanter off the table top. When I'm not at a table, and resting the chanter on my leg it serves to keep the sound hole up and clear.
All skill and effort is to no avail when an angel pees down your drones.
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