Audio chaptering, the task of segmenting long-form audio into coherent sections, is increasingly important for navigating podcasts, lectures, and videos. Despite its relevance, research remains limited and text-based, leaving key questions unresolved about leveraging audio information, handling ASR errors, and transcript-free evaluation. We address these gaps through three contributions: (1) a systematic comparison between text-based models with acoustic features, a novel audio-only architecture (AudioSeg) operating on learned audio representations, and multimodal LLMs; (2) empirical analysis of factors affecting performance, including transcript quality, acoustic features, duration, and speaker composition; and (3) formalized evaluation protocols contrasting transcript-dependent text-space protocols with transcript-invariant time-space protocols. Our experiments on YTSeg reveal that AudioSeg substantially outperforms text-based approaches, pauses provide the largest acoustic gains, and MLLMs remain limited by context length and weak instruction following, yet MLLMs are promising on shorter audio.