It works pretty well, but kind of barebones at the moment, a lack of advanced audio and video settings lets it down.
The timeline feature is great though, being able to easily watch back your gameplay in real-time as it records.
They need support for multiple audio tracks, other codecs, resolution options, framerate options, different bitrate options. Also recording to memory absolutely needs to be an option so I'm not wearing down my disk by constantly writing to it.