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Steam announces game recording beta
(store.steampowered.com)
Steam is a video game digital distribution service by Valve.
Steam News | Steam Beta Client news
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Despite it being in the FAQ, all it actually says is that they try to cause as little performance loss as they could. No idea how much that is, or if people will turn it off to get a few frames back.
It does say that without a GPU the performance is considerable.