Mandrill is a product that is trying to make your application-driven emails as easily tracked, tested, and understood as the bulk email you'd send using MailChimp. It's still early days for the product and we're still iterating rapidly, but that's where we're trying to get.
We're also integrated with MailChimp itself. We've got a big discount for paid MailChimp users that want to use Mandrill, and you can share templates between Mandrill and MailChimp easily. We'll be integrating more deeply in the future - really trying to make a one-stop shop for email-related needs for businesses.