Chain links

[Flakk]

I'd like to make a chain with a lot of links on a type of vehicle. I want the whole model to be somewhat high poly but I don't want to go insane and have the links to have more triangles than the rest of the model.
How would you guys do this? A super low poly chain link copied many times or just a flat quads with alpha?
I'm weighing the cheap look of flats vs high tricount with proper geometry.

[Steppenwolf]

Alpha + normal map should work best unless these chains are really big and right in the face of the player.

[Piflik]

I did some chains lately and I took Dark Souls as an example. They had one alpha-ed plane for a top down view and two additional planes, perpendicular, for a side view. Up close you would see the different planes, but from mid to far distances you have really good looking chains.