I would use fraps . I would say >90% of people that record gameplay use fraps. But if you're happy with what you're using now, then continue
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nope, fraps is a different codec, but it has a lossless mode as well
".mp4" is a container and can hold different types of audio & video it's also know as mpeg-4 part 14
mpeg-4-asp or mpeg-4 part 2 is same thing as xvid/divx
"mpeg-4" can mean about 20 different things, so you have to be precise in what you mean
http://en.wikipedia.org/wiki/MPEG-4
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