I bought 5 or 6 chromis when I started up my 150g tank...knowing they'd pick each other off. I figured they were great hardy fish that would school for a while and look cool while the tank was fairly unstable (tank was cycled when I added them...just not 100% perfect yet though).
Sure enough, I'm down to 2 chromis over a year later (and have been down to 2 for quite some time...maybe at the 8 month point?). Another local guy had a pretty large school in his 280g tank, and is down to I think only 1 now (over a year later).
I'm sure there are exceptions, but generally chromis will only school as juveniles and/or when there is an active threat. As they get older, bolder, and realize there is no threat, they will pick off the others one by one.
I'm planning to get a school of cardinals...knowing the ones that truly school look like freshwater fish and are pretty cryptic...but I still think it'll be a nice background show.