Select an Edit Poly or editable poly object. > Modify panel > Vertex/Edge/Border sub-object level > Edit Vertices/Edges/Borders
rollout > Chamfer Settings button
Select an Edit Poly or editable poly object. > Vertex/Edge/Border sub-object level > Quad menu > tools 2 quadrant > Chamfer
Settings button
Chamfering creates new faces around the chamfered entity, along with connecting edges. Or, with the Open option, you can create an open (empty) area instead. This dialog is the same for chamfering vertices, edges, and borders of poly objects. You can use it to set the chamfer amount numerically, and to toggle the Open option.

Chamfer Amount—The extent of the chamfer. Default=1.0.
If you chamfer two or more adjacent, open edges at a time, the rounding off takes place only at open ends of the edges. No rounding takes place where the edges meet.
Open—When on, the chamfered area is deleted, leaving open space. Default=off.
This setting stays active during the current session. If you turn on Open and then later chamfer sub-objects interactively, the Open option remains in effect.