Do you need quick capture and encoding capabilities for video on your desktop? VirtualDub is a free, Open Source solution specifically designed for that purpose. VirtualDub might lack the editing power of a general-purpose editor such as Adobe Premiere, but is streamlined for fast linear operations over video in return. It has batch-processing capabilities for processing large numbers of files and can be extended with third-party video filters.
I have heard a lot of about VirtualDub, however, I need to record something from TV stream and it was able to do the job. However, it was not without pain, firstly the capture window needed to be in the top left hand corner. Even then, it accidently over records and existing file. You have to set the capture file for each time you want to record and if you forget, then it overwrites it. Even if you nativate through this minefield, it just eats up diskspace as it records in AVI format. However, it would be better if could record in MP4 format. A small 3 minute segment took up 6GB disk space (and it was not a full screen). For the screen capture, it would be great if there was a 'square box' to select the area. I know there are third party MP4 tools, but it is more time to investigate etc... I hope there are programmers who can come along and bring this software up to date.