*This review has been edited after the voice-recording issue had been resolved, and adjusted further after spending a couple more weeks using it. Lots of info here. This review may not change your mind about the software, but it's intended to provide you with the information you need to make that decision.
This is a great, cheap product, depending on what you need from it. Records audio and video pretty well, and there's a good variety of codecs to choose from, with some additional options for Picture in Picture and limiting your fps if you need to, adding a watermark and such. Little things like that. To compare this to FRAPS, this will provide you with high-quality visuals if you can afford the harddisk space. The default MPEG-4 codec (which it recommends) will eat up approximately 225-250 MB for 2 minutes of footage (varies on how much is going on visually) at 1080p 30fps. You WILL want to experiment with codecs and bitrates to achieve the best performance for what you need out of whatever you're recording. This is something that FRAPS does not do, as FRAPS uses a custom codec that you'll need to obtain again should you decide to reinstall a fresh OS or uninstall FRAPS. I've enjoyed FRAPS a lot, and consider it a beast as it taxes your PC and requires really hefty hardware and lots of RAM, but it's very simple to use. This software requires more fine-tuning than FRAPS. Experiment and find that sweet spot.
To compare this to xSplit Broadcaster/Gamecaster (no, this does not allow live streaming) you can make use of the Picture in Picture functions to place a webcam (adjustable size, but you can only place the PnP in one of 9 spaces, left/center/right from top to bottom, think tic tac toe), This is useful for those of you who may be making videos for YouTube (etc...) and you would like to have a webcam for your face and your voice commentary, and even has Chroma settings for those of you who can use them effectively. xSplit does this as well, but allows you to resize, crop, and place the screens anywhere. xSplit Gamecaster has more of an in-game interface as opposed to xSplit Broadcaster, and there are things in Broadcaster that you can't do in Gamecaster (in regards to window/screen/display positions). Speaking of voice commentary, this brings us to an issue that I had earlier with the software.
liteCam has some audio settings that really need some work. If you have multiple voice recording devices plugged in, you cannot change the order of priority/order of those devices. This is where things get tricky and where the real meat of the original version of this revised review was.
I use a Logitech G35 USB headset for voice recording/capture, and a Logitech 720p webcam with built-in microphone, and I also have the Screaming Bee audio drivers for modifying my voice. My G35 was set as my default voice communication device as far as my OS was concerned and should have taken priority. liteCam was using the Screaming Bee drivers by default when I had placed the check mark (on liteCam's audio settings) to enable my microphone and did not give me a choice in the matter. Because of this, I could record game audio, but not my voice, and adjusting the settings another way allowed me to record my voice, but not the game audio. It was one or the other, but not both, all because it was picking up the wrong drivers. Again, Screaming Bee isn't physical hardware, it's a device driver I can use to modify my voice, and Windows recognizes my G35 headset as the default voice communication device, but liteCam didn't care or give me the option to choose it. This wasn't fixed until I just up and disabled Screaming Bee. The microphone settings work now, but I'm not entirely sure if it's really recording from my headset or my webcam now. A fix or adjustment to this in the future would be nice. Just for clarification, this was all accomplished hours later after thinking about it and writing an angry email to the devs. The product is still new and there was no actual support in the forums here for it other than "send an email to email@example.com THX".
Others have complained about stuttering or issues with their FPS. This may be a case by case issue. I've not noticed many problems with my FPS because I'm not running on default settings. My montor doesn't display any higher than 60, so try not to set your settings higher than you can handle. It will give you options to adjust the framerate for your games as well as the recording's framerate. Be sure to adjust both of those values before playing any games.
This software also allows you to edit your videos you recorded but your only option is to trim from left or right. You will want to obtain some decent video-editting software. That's a given though. Unless you're just starting out, most of you who would be interested in this software may already have editing software installed. When recording in xSplit, liteCam, or FRAPS, I'll still be running my footage through Vegas or similar programs.
Last couple issues: Running the program through Steam will make it difficult to invite to multiplayer games. Exiting liteCam can crash some of your programs. I've had it crash ArmA 3 as well as the Raptr desktop app. A patch came through last night, resolved the crashing issues in one area, but caused another issue elsewhere. Again, your milage may vary, maybe they can fix it, but that's all on them. Finally, there's a woman's voice that says "Recording Ready"/"On"/"Off". It's loud, it's annoying, and there's no way to turn it off. You can't even mute liteCam from your volume mixer.
FRAPS is about $40, xSplit is $25/month $60/year $110/3-years and liteCam is $25 when it's not on sale. You can't live stream with it, but it may suit your needs. It is the cheapest of those 3 I've compared it to, and I would almost say it's better than fraps.
EDIT: Been using this for a few weeks now. I'm not going back to FRAPS anymore. They have resolved many crashing issues that I had experienced before, and they are still pumping out updates and just released a new codec to use. If they continue to update this software on a more or less semi-regular basis until it's perfect, this one is definitely a keeper. Recorded some footage of Grand Theft Auto Online on Xbox 360 using this software in Video Recording mode on my Hauppauge HD PVR2 (1080p @ 30 fps) for 18 minutes. FRAPS used up 37 GB and this used up about 800 MB before running it through Vegas to knock it down further. 24 Minutes of Little Pink Best Buds prototype on liteCam requred 2 GB. FRAPS would have required more than 55 GB.