It is a personal decision on what you make BUT.....I will agree my idea for ya!!!
I would do a three ring binder with page protectors BECAUSE....when cooking, you want to keep you recipe clean!!! Consider an 6X6 book or 8X8 or even an 81/2X11 book. I think a 12X12 book is big and bulky to cook with. 8x8 is a great size. I often use this size for gift books (baby books, wedding albums for friends). You can put the recipes in the page protectors and decorate your pages like you would a regular scrapbook, using the recipes as "pictures". Leaving some pages or room on the pages for NOTES that the cook might add. I always jot notes on my recipes as I cook them and find better or quicker ways to cook the recipe. You can decorate your pages with kitchen embellies and even maybe a picture or two of kitchen things.....a stove, a picture of the recipe all done.....lots of ideas!!!!
Chipboard books are great but there is no protection on them for cooking. Plus sometimes, the chipboard books don't open and close the best, at least some that I have seen. The three ring binders are definately more durable.
Have fun...and post pictures when you are done!!!