  (Abridged) We revisit the problem of parameter estimation of
gravitational-wave chirp signals from inspiralling non-spinning compact
binaries in the light of the recent extension of the post-Newtonian (PN)
phasing formula to order $(v/c)^7$ beyond the leading Newtonian order. We study
in detail the implications of higher post-Newtonian orders from 1PN up to 3.5PN
in steps of 0.5PN ($\sim v/c$), and examine their convergence. In both initial
and advanced detectors the estimation of the chirp mass (${\cal M}$) and
symmetric mass ratio ($\eta$) improve at higher PN orders but oscillate with
every half-a-PN order. We compare parameter estimation in different detectors
and assess their relative performance in two different ways: at a {\it fixed
SNR,} with the aim of understanding how the bandwidth improves parameter
estimation, and for a {\it fixed source}, to gauge the importance of
sensitivity. Errors in parameter estimation at a fixed SNR are smaller for
VIRGO than for both initial and advanced LIGO. However, for sources at a fixed
distance it is advanced LIGO that achieves the lowest errors owing to its
greater sensitivity. Finally, we compute the amplitude corrections due to the
`frequency-sweep' in the Fourier domain representation of the waveform within
the stationary phase approximation and discuss its implication on parameter
estimation.
