The latest update to Team Fortress 2 added Replays. This allows you to save a recording, much like a SourceTV demo, of your current life on servers that have the feature enabled. What separates this from SourceTV demos, however, is that replays are automatically delivered to the client over HTTP.
Once you save a replay, you can view and edit scenes using the built-in editor. The editor is very simple and easy to use, and allows you to capture the action from any angle and save different takes of the same replay. Once you have a take, you can save it as a video or image sequence with several options for quality. This really simplifies the process for making simple TF2 videos without external programs.
The server-side implementation of replays is very unstable currently, with blocking and crashes, but hopefully that gets fixed soon. Setup requires a web server, which can be local or accessible via FTP, and there are example configs provided that make setup very easy.
Below is my incredible entry to the Saxxy Awards. Obviously there is not a chance this will not win…