This lets you record, for example, any movies rented through a web service or even ones you're playing right from a DVD or Blu-ray. You can do it in high or standard definition.
One of the most interesting features is that it automatically identifies the area of the screen where the video is being played and records that part of the screen without you having to do hardly anything. You can still record the entire screen if you want, of course.
Any Video Recorder is an application that is both very useful and hugely simple to work with.