They've been talking about this for a while...something that grabs the stream of images right out of the frame buffer. There are other tools which do this (FRAPS does this method too, I think), but no doubt NVIDIA's recorder will work better with NVIDIA's cards, the same way that ATI's software was best with their AIW cards.
The reason this is a big deal is that the entertainment industry is very LOUD about not allowing this sort of thing as a potential route to video piracy (which is why the AIW cards only work up to WinXP--extra protections were introduced in Vista and later), so if they have found some way to "reliably" exclude protected content, then it could indeed be big news.
--Patrick