How to Easily Record Webcam and Screen, Switch Between the Two?

Any software out there that manages this? Say, a keyboard shortcut to go from recording from my webcam to my desktop (one or both monitors), saving it all to a high-def video file somewhere on the PC, and recording audio from a single source all the while?

I think that something like XSplit might do this, but seems geared specifically for streaming to Justin.TV which is not my intention. Rather, I want to create some instructionals and move back and forth between me and my PC.

Googling turns out BSR Screen Recorder, but the website has the feel of those scammy video converters that flood CNET/, and I’d rather not drop $50 on a product that might be horrible at exactly what I want to do.

I don’t do the streamy stuff, but here’s what Day 9 uses for his daily StarCraft stream and he does the webcam/monitor switch a lot.

Actually, Skype, and some of the other teleconference software might be able to do this. I know they allow recording sessions and most allow screen sharing, but it might output in a goofy proprietary format.

Skype is an interesting notion. Apparently the software that Day9 went over in that vidja is no longer technically supported by the developer, so that’s discouraging. I’m currently playing with XSplit as apparently it’s in beta and free, and I think it does what I need? I dunno, the text it picks up from my screen looks utterly awful, so maybe something paid would be better :-/

Are you planning on doing this as a live stream?
If not, why not use two computers? Camera and mic on one, whatever you are doing on the other, record both and then edit them together as needed.

No real plans of livestreaming unless people develop an insatiable hunger for 24/7 Real Time Progress Reports on my NaNoWriMo project this year :)

Can’t reliably do two PCs as the other two PCs in my house are rocking hideously outdated tech and miniscule hard drives. Only other sizable external is my fiancee’s, so I’d rather not end up in a situation where I need to gank it continuously.

xSplit seemed like it might be okay other than the clarity issue (is it that difficult to do a 1680x1050 dump of my screen in real time on this rig?), but now I’ve noticed that all my audio has a distinct buzzing hiss in the background that other applications don’t have. Uh, what?