Regarding formalism of diagram chasing, It is interesting as I never really explicitly thought of it this way, but is true :
Given a commutative diagram, a proof by diagram chasing involves the formal use of the properties of the diagram, such as injective or surjective maps, or exact sequences. A syllogism is constructed, for which the graphical display of the diagram is just a visual aid. It follows that one ends up "chasing" elements around the diagram, until the desired element or result is constructed or verified.