Best way to record PC gameplay footage?

Something other than FRAPS and its associated overhead to record videos? Is there a way to output video and sound to an external camcorder instead?

I just picked up a Hauppauge! HD PVR. It records up to 1080i through component cables and has a passthrough to hook up to your HDTV or whatever. Works pretty good, records in H264 formats (m2ts, ts, mp4). Can also encode 5.1 in the stream with spdif, which has a passthrough too. Hooks up to your computer through USB 2.0.

So, if you have component video out on your computer, it’ll work good. Can also record from a 360 or ps3.

Editing the video might be a bitch though. You’ll also want a video card that has accellerated HD playback.