I'm kinda surprised this hasn't been picked up here ShadowPlay is a FRAPS/Streaming program that's free but only works if you have a Geforce GTX 650 or newer card and claims to have a less than 10% impact performance when recording (from watching reviews the biggest impact was 4.5% or about 6 FPS I believe). Also if you aren't recording a game and something happens in it that you wish you had recorded it has a feature called Shadow Time which when activated saves a recording of your last 1-20 minutes of gameplay (configurable). So basically it's always recording (when it's turned on) but if you don't want to save it then it gets deleted but if you do want to save it then push the button and boom it's saved. All in all it sounds and looks awesome here's a review for it.
http://www.tomshardware.com/faq/id-1871999/nvidia-shadowplay-beta.html
http://www.tomshardware.com/faq/id-1871999/nvidia-shadowplay-beta.html
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