Magnesium chelate just means that the magnesium is chelated - makes it easier to assimilate. Magnesium is magnesium - it is just that some forms assimilate better. Magnesium oxide is cheap, but unless taken on an empty stomach with lots of stomach acid, it is not very absorbable. Magnesium citrate is much more highly absorbable, and it is also a little bit easier on the kidneys.
Many nutrition experts now recommend that calcium and magnesium be taken in a 1:1 ratio, rather than the previously recommended 2:1 ratio.