I could use fraps and make a movie from actual ingame footage, But I'm not that artistic to get those really great shots 'on the fly'.

I'd like an option to record a game; not the output of the videocard but the data that is processed (what is where at what time and what is it doing?). You would import this in the editor and it would render the scene. You then determine where you want the camera to be at specified times (timeline editor as in Adobe's flash editor.) and then render the movie. You could also add effects like the screen somewhat shaking due to a big-ass ship passing by in close range and lens-flares.

I think this would allow lots of fans to make great GC3 movies. Which would be a great promotional tool for the game.