Audio isn't available in epub2 and the same restrictions are valid. However, since there are less possible ways to incorporate sound, you stand a better chance it is supported in a v3 reader. Reader programs on tables might be able to do audio, standalone certainly not.
You are correct concerning image heavy books. Due to the reflow, you cannot exactly position the images in the texts.
If you are looking for more sophisticated ePUB, take a look in the book section. You will be surprised what can be done. Take a look of 'Alice in Wonderland' or 'Three man in a boat'.
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