"Be it OpenGL, DirectX 8,9,10 or 11, if your machine can run the game well you can now capture it all with virtually no hit to the frame-rate or action, even at full resolution video! You can also adjust the size for making smaller files. PlayClaw is good game video recording alternative."
I compared PlayClaw with FRAPS by using them both on Starcraft II with Ultra settings.
Playclaw has a bit more options to choose from.
With Compression set to low and the number of Processor cores set to 2 I actually managed to get better quality videos than FRAPS with both suffering only as much drop to fps in-game. The only thing worse was that the video file sizes are a bit bigger, if you don't count PlayClaw crashing the game when alt+tabbing or quitting the game.
With any other settings the video quality would always be lower than the videos recorded with FRAPS.
I guess which one is better depends on the system.
Although, I can easily record videos of Penumbra with Fraps (running at 60fps), if I turn off Motion Blur, Depth of Field, AA and AF, and lower the resolution to 720p (since 1400*900 is not a native HD resolution anyway).