The real deal with Chaeto is that because it is so dense, much like a brillo pad, it can get waste deposits stuck in it, and then begins to show growth of other alga as the foods/waste breaks down. At that point, you get areas of the 'colony' that begin to break down. This can start to get messy. The same thing happens if areas of the 'clump' are not properly lit, they begin to deteriorate.
Chaeto will most definately adjust to differing light...as long as it is evenly exposed to that light. I've seen colonies that are very dark green under some lighting turn lighter green and adjust to differing lighting. In my experience, areas that are shaded, begin to break down.
Most folks tumble a ball of chaeto macro in a fast area of the
sump or
refugium. This area can be lit with differing lighting as again, the macro is exposed to the lighting in an even manner. If you simply have a "mat" of macro, the lower flow, and lower lit areas tend to break down.
Again, this is based only on observations of Chaeto in my tanks and in the
sumps of others that I know use this 'weed'. Your milage may vary. Do let me know if you find otherwise.
D