I recently bought this software, and im really satisfied with it, with a few adjustments, it could and it will blow off fraps.
Here are some options that i would be really happy to see in the future updates:
-jpg format screenshots in Games/applications (with adjustable quality slider, like in Afterburner, but thats not necessary)
-ability to export videos with constant bitrate
-at the moment i cant disable hotkeys for functions (or at least i dont know how), so i have to put them on a ridiculous combination to avoid the accidental press (Like Ctrl+shift+alt+l)
-it would be great if i could export videos into other formats than mp4, because premiere pro cant import those files.
Despite these, its a pretty damn good program, and not to mention cheaper than fraps, so I can only suggest buying it.