The other day, I went out to join my wife in a conversation with our neighbor. I had been out on a run, and was still trying to cool down some, so I went out shirtless. The neighbor could not take his eyes off my chest, so I pridefully puffed up and strutted like a peacock, flexing my pecs with pride. You see, my neighbor is a body builder, so I figured I must be doing something right in my workouts and he was just admiring the results. Then, my wife reached over and yanked one of the bandaids off, saying "What's this?" The air we all heard rushing out at that point wasn't leaking out of my nipple, though. It was me gasping in pain.
So, why do men have nipples? Beats me, but I sure think I could live without them. If there was a laser removal procedure or something, I'd be happy to just draw some more creatively embellished nipples on with a sharpie should the need ever arise, and just be glad to be rid of the chafey little bastards.
Bandaids or tape over the nips seems to be the best option, unfortunately. There are some other metrosexual anti-chafing creams on the market, but I don't want to grease up my nipples with that stuff before a sweaty run. Now, band-aids... those are a real MAN's anti-chafing weapon. I highly recommend them.
Of course, they're not really good for chafing of the inner thighs or the nether regions... You might have to go metrosexual and/or work out your own solutions for those kinds of problems. I got nuthin.