Since i am psychic and know you are actually speaking about console gaming by the way you put this under pc gaming. It will cost money because console is *** compared to PC but if you want a cheap decent video recording hardware/software for console go with something like a Roxio game capture or elgato video capture device. Oh and on a side note a good one for pc is debut http://www.nchsoftware.com/capture/index.html
@AntiZig: actually they're both great, the only reason am only using MSIAB is its "Monitoring Graphs" you can show it In-Game for "On-Screen Display" while recording, other than that MSIAB has advanced options for recording.
PS: you need a fast HDD (SSD/raids helps alot in recording), and a powerful cpu to record in HIGH/Full frame, and also it depends on the resolution in game.
-for a med-end pc > lower the resolution of the game and use 1/2 frame with 90% of quality and use MJPG compression.
-if you got two HDDs(no raids), use the one that the game and OS not installed in it, use the less HDD usage.