fraps is actually less complicated and easier to use, thats what i would recommend

If you don't care for style or dramatic camera angles or instant replays you could just use a 3rd party recorder like fraps, wegame, etc.

I use FRAPS to capture in-game footage. The program allows you to bind record to any button, and shows your current FPS. It'll store the videos in .AVI format.

You can toggle the game's UI using alt+f12.

I use Adobe Premier to cut footage together, add music, text, etc.
Example: http://www.youtube.com/watch?v=Or_H5WQeTNY

I'm gonna sit down and write a demo-record guide sometime this week.

Thanks for those details brou, I didn't know there was an ingame demo system.

Directing the replays of demos would provide a considerable advantage in addtion to havingfraps. With the directing cabapilities and low space requirement to record the demos to be played back later I can't see why anyone serious about recording demos wouldn't!

I'll be lookign forward to it. I've been tinkering with it for a while now but using it to its full extent would be awesome!

Posted here

Like I said before, it's not documented at all, but this should get you started so you can do a handful of cool things with it.

EDIT: Dear lord, wrong topic! >< Sorry guys, delete please?

"In the command line type '-demoplay' followed by the name of the movie you recorded. Make sure to include the '.demo' file extension."

I'm not sure what you mean by ".demo extension". Is that something we need to type in the -demoplay? Or is it we need to name the in-game recording with the .demo at the end of it?

An example of the syntax.

If the demo is called "candybar,"

you would type:
-demoplay candybar.demo


Also, you can visit the folder where Champions is installed via dos prompt and invoke the demo player with

gameclient.exe -demoplay <name of demo goes here>.demo

and you will skip authentication.

When you record a demo, it will have the .demo file extension automatically added. When you play it, you should include that extension when calling it by name.