Well, the editing is pretty basic. You can set the chapter intervals based on time only, as has been stated, in increments as small as 5 minutes. In the chapter menu, you can combine any two adjacent chapters, i.e., create chapters in any increment of whatever time your chapter record length was set to. Or, you can combine everything into one big chapter. And, you can rename each chapter to whatever you want, and hide/unhide any chapters you want, and that is about it.
Doesn't seem to be any ability to arbitrarily assign chapters to a certain amount of recording time/content while you are viewing it or anything advanced like you get with a computer video editing package.