So I had a try on Replay Mod. It's very impressive overall, because it seems to solve a lot of problem of screen capturing, and can do a lot more stuff.
But there's something I think would be handy to put into Replay Mod, if not on todo list yet.
First, world anchor and configurable recording radius. This is for two purpose. First, if recording timelapse, this would ensure every chunk that needs to be recorded will be recorded. So every spot in the background will be loaded properly. Second, if set to only recording 2 chunks range of each player on server, it will function as some sort of CCTV. This is good for anti-griefing because it's possible to record every player's action in the past 7 days while keeps the log file small enough so that it would not blow up the hard drive.
Second, Stand-alone software for viewing/editing/rendering. This might already on todo list, but it would be better if it can provide a timeline that shows when and how long a spot is recorded. It can be used to spot griefing easier.
Third, maybe some function for let's play recording. Don't know if it can record in game sound yet. But if it can, adding a function that when a key is pressed, a screen will pop up on the game interface for a second, which contains customizable information. Then the time this key is pressed and the customize information will be recorded in replay file.
Then the following is possible: the screen capturing software can capture screen and microphone voice only, and after recording, the game sound can be rendered via Replay mod then synchronize perfectly to the voice. Also third person perspective view can be added after finishing the recording. This will boost the video quality greatly.
And this is some of my suggestion.