Browsing looking for a movie recording megadrive emulator, I found this site
http://mrdario.tripod.com/plugins/plugins.htm (DEAD LINK) it has some plugins and a program that allows you to make a video of a playstation game played in epsxe, i have already tried it and it looks very promising, for example, using that program you don't seem to need the game in order to replay the movie, this can be good if you don't have the game but also the movies are way larger than any other input recording i've seen (ie 17 megs a 50 seconds movie with sound), mainly cause it does not record input but (i think) it just record the instructions decoded by the gpu and spu, also it supports rerecording!!!! so maybe someone will be able to do a perfect Simphony of the night run, it doesn't look viable to distribute the recorded files via the internet cause the are way too big, but after finishing a perfect run you can always capture an avi for easier distribution.
EDIT by feitclub: Link no longer works, sorry.