yes at least they learned from the misstakes by IW.
ingame recording will be available
http://twitter.com/JD_2020
Quote:@NishyTam Yes, you can record Private Matches for playback in Theater mode. GameBattles away! 
And not even like CoD4 had it. It has a decent UI (the "Theater") to easily watch and enjoy your replay's.
This will be so epic, even if someone else pulls of an epic kill you can watch edit it and record it with consoles /record
, Would be better if they fixed avidemo so it had sound aswell as the pictures ^_^
you can export it as a video file directly from the Theatre afaik. No need to Fraps it.