Well I'm currently working on PvP vids on my new char too bad it's shit compared to grim reaper I actually have to learn to play first.
All the best fights I ever had I didn't fraps either since I didn't have enough room to keep fraps playing all the time. I went and shopped some more hdd's and it's fine now
Advice if your computer can handle it is to run Fraps in buffer mode and custom set the time interval to something that suits your purposes.
It is something i often do when playing Eve and waiting for a fight to kick-off, or roaming.
Fraps running in 40 second buffer mode, so that if you remembered to buffer beforehand, but forget to start at the beginning of the fight there is 40 second video already buffer recorded.
(Hold the video hotkey until the fps counter turns pink, purple or whatever it was again and you're buffering whatever the buffer time is set at.)