Yeah I use the Ctrl+Shift+F11 or simply F1 in my case, for the recording.
But it stems down to preference and need really.
I, like Derek prefer to use the ingame tools, yes it takes time, but you know what your getting quality wise, I have a brand new PC and it records now quicker than the old one, but the crispness is faultless.
I don`t mind messing about waiting forever to record something, you have all een one of my rides, the amount of presentation that go into them is about 2 or 3 days worth to record all the footage from different angles, pov`s and plastering up the footage into a move.
£ days from the first hit of F1 to YouTube, that`s a fair time but I don`t mind because it suits my style of play and you know what your getting quality wise.
However FRAPS does have it`s advantages, with regards to speed obviously, if you don`t have the time to mess around with slow ingame recording, then FRAPS could potentially be lifesaver. especially in a short round competition like this.
Its really up to you really, I personally will be using ingame as always, top tip: for recording POV`s set your computers sleep settings to like 3 hours so it don`t shut off, set your POV up to record, start recording, and as it slows down, just leave it and go walk the dog or something or play Xbox, that's what I always do.