I really like the idea of Action! software, but there is a lot of work to do to make it better. I've decided to list some of my thoughts here.
Improvements:
Better CUDA encoding quality.
Ability to choose encoding audio quality and codec.
Support for MKV containers.
Ability to disable hotkeys.
Ability to set recording hotkey to "Scroll Lock" button (LED on keyboard will indicate recording process).
Option to disable OSD(HUD) indicator everywhere by default.
Compact version of OSD(HUD) recording indicator (something like d=6px red circle in the corner).
Compact version of UI skin (the default one is bulky as for me).
Support for AVI conversion.
Option to disable frame rate locking in games (described here).
Support for windows 7 taskbar features while encoding (described here).
Option to choose different system tray icon (default looks similar to Microsoft IME).
Bugs to fix: (present in v1.2.0.0)
- (known bug) Cursor size is bigger than it should be when recording the desktop in lower resolution than actual (for example if you're recording your 1080p resolution desktop to 480p, the cursor will be giant on encoded video). Same thing with too small cursor when recording Active desktop region with res 640x360 to 720p+ mode.
- When encoding a very large file (20GB+), encoding process sometimes stuck at 100% but not finishing. But when I press "Stop" button the file is created.
- In Active desktop mode the "Record" button of Action! desn't change when you start the recording process. When you're pressing it with mouse click it feels like the recording process didn't start.
- If Action! window was minimized to taskbar or system tray and you try to open it back from system tray, program comes up behind the active windows. Here is a small video with reproducing a bug: http://bit.ly/sNnngY (~5MB, Google host)
PS: Hope it will help you.