well if MW3's theatre and Halo reach theatre had a baby it will be close to the best by far
MW3 : you go that "pause" and resume and you get it in the same video and i think you can be in first person on everybody
(i have problems with that on reach (i doesn't work not sure if it should))
REACH : you have the basics, better controls better save more then 10 spots (like MW3) to store your videos
ability to edit video after recording