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Steam announces game recording beta.
(store.steampowered.com)
This is a most excellent place for technology news and articles.
There are two factors.
First is simply the convenience of having it all built in to the gaming platform you're using instead of juggling other software. Plus Steam will host content you want to share for you, which neither AMD nor Nvidia does. Also, neither AMD nor Nvidia's offering providers a two hour rolling recording that you can just skim through and pick clips from at your leisure.
Second is the hope for better reliability. Shadowplay/replay/whatever nvidia is calling it now just stops working at random for a lot of people, myself included, with no warning or indication until you hit the "save replay" button and get a popup telling you that its not running. I also wrestled for a while with it recording the wrong screen when I had two monitors, so I'd just get clips of my second monitor desktop with the audio of the game. There are lots of people hoping that Steam will manage better.
Shadow play automatically turns off when you open KeePass or Netflix, but it doesn't turn on again after you are done, very annoying yes.
What will make or break steam's version is if it's so light that even people with weak hardware can record fine.
I've seen initial reports that at least on Steam Deck it's far less impactful than any other recording solution available so far (decky recorder/obs/whatever). Like you though I'm interested to see a detailed look at how it does on a standard Windows gaming PC though, where you've already got well established low impact solutions like Shadowplay or Relive.