yeah i prefer using fraps to record it aswell mate, usually record it in 720p, i dont like having demoui in the way though, and there are commands on that link for shit like turning hud items off etc

currently i use one proggy for adding effects, transitions and captions, that would be cyberlink powerdirector 8, also lets me make the output video 720p and can do h264 HD with it, i usually go for mpeg2 files with either 5000 bitrate or 8000 bitrate though, last vid i did with it was around 3 minutes long and around 250mb in size , quality very very good,