Awesome! I already started testing it. I'll provide some info once i've used it enough.
EDIT: (decided to re-edit because i felt my text was messed up a little)
Ok, this is what i've noticed:
Steam Overlay issue appears to be fixed, at least mostly, though there's still a bit on "confliction" with some games. This issue is on the POV that if i press games/applications mode BEFORE i launch a game, it now lets Steam Overlay load up and can be used like normal. Even recording it while playing is possible. I'm happy about this!
although a couple of games have issues with it. Sleeping didn't let me record Overlay and Just Cause 2 wasn't even detected by Action.
Random stuttering occured when recording with default settings. I think it's due to recording at 60 fps. While playing Batman Arkham City i noticed my recording fps jumping between 40-60 fps. Caused stuttering ranged between 0.3 - 0.5 secs.
Mode "leak" causes my Action to detected my game in Screen-mode. I don't really consider this a bad thing but i think it's unintentional. I don't mind switching to application mode BEFORE launching a game now that it won't interfere with Overlay.
Mafia 2 still crashes when i try to record it. Only from the menu does it let me, at least the last time i tried. GTA 3 & Vice City still not detected. If i recall correctly, don't they use some version of DirectX?
Action-logo has a weird "shadow" to its left on top of screen.
Function issues! Just a moment ago i was recording Portal 2 but it didn't seem to stop. Alt-tabbed to desktop to discover Action was not responding. I relaunched it and noticed that my output locations were reset back to defaults. Changing output locations is "laggy" and often seems like it's about to crash. I tried deleting the faulty Portal 2 footage but instead it caused Action to crash along with my laptop!
Will keep updating my post if i notice more.