Brainkiller, Game Cam is strange but when you get it working and know it enough then you'll see how much better it is than Fraps.
Bizarrely enough, I turn on VC, and then I have to change the resolution size to get Game Cam working! I then put the resolution size back to normal (this is all in-game, on display menu before loading a game) and start my game, Game Cam ready to record.
As for how fast it goes, it depends I guess. For me, Fraps lagged much more. Depends on your computer, though.
I still highly recommend Game Cam to anyone, no daft logo at the top and once you understand the ins and outs of it then most would probably agree that it is at LEAST a match for Fraps.
EDIT: 10 second clip is 2.71MB, for me.