Oh, I'd love to see this discussion too! I've been shopping video capture software for a bit now--- there is a lot of new software out there, and all of their advertising departments tout them as the best! Some of them, though, have very poor video quality, some of them don't have the features I need, and some are just way too expensive. All the demos I've tried have begun blur in my mind, and I'd really love to hear what others are using.
Back in the day I used FRAPS too, but didn't like the way it ate FPS, and now I really need to be able to capture just a section of my screen to take advantage of the expression animations on Bento mesh heads, and that requires a place to put the HUDs offscreen. FRAPS doesn't have that option. I've been using OBS to record because it has this feature, and because it's free! I like it a lot so far, but I'm always interested in finding better.