videomakers: Fraps, or the ingame movie exporting tool?

[Conte Zero]

Yesterday I was playing with a couple tracks I saved for the first time. I was thinking about playing a track and capturing the best moments with Fraps, when ta-daaa, I noticed the managing screen for tracks also shows a capture-export section, with a couple interesting filters too. Plus the options to remove arrows, icons, plane-names, etc, very useful.
But how does it work? And DOES it actually work now, or is it just another WIP feature to be fixed in the future patches?
All I could get so far is a long, black frame...