x264vfw is the VfW (Video for Windows) version of well known x264 encoder + ffh264 decoder (from FFmpeg/Libav project).
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This encoder is awesome for recording high quality and low size videos.
I'm using it with VirtualDub only. For video conversion I use ffmpeg. But, if you want to edit MP4 videos (cut parts of video, join, etc), VDub is the best open source option. In that case x264 is a must have, since it allows for saving edited video as MP4. Works great!
Works perfectly for me.
Finally found :)