The main elements of European chivalry are having courage in battle, loyalty to their lord, generosity to feeble, champion a lady, and to stand by the church. Chivalry and bushido are very similar.
One main way chivalry would help our modern world is by putting more respect into the world. People constantly judge one another by how they look and act; with chivalry all of that would cease to exist. Honesty would also be improved greatly.