The Chosen People? A Film about Jewish Identity

What does it mean to say the Jews are God's Chosen People? Chosen for what purpose? For those who don't believe in God or who view bible stories as myths, what relevance does any of this have?

There are competing narratives around chosenness in Judaism, Islam, and Christianity. What are the implications of this rivalry? What is the connection between "The Chosen People" and "The Promised Land?"