The best I can come up with on this is two possible explinations really. Well three. One that your software with Aces High lets you record, just not play videos. That is confusing to me but I have heard of it before. Of course I am sure you can play other videos so this is not the problem. What you may want to do here is reload the game, don't delete the game then reinstall it, just reinstall it over your current game. This usually fixes any programing bugs that one might encounter.
The second theory is that it was Ghost plane, I have encountered them alot. Planes that upto a day before flew along the same flight path and are somehow copies of themselves flying the same path again as you try to shoot them down, you either hit them with no success (Six shots from a Yak9T cannon on a 109G2 and it diddn't go down) or your rounds go right through them and cause you to loose your ammo and have to Return to Base. Why this would mess with your video I am unsure.
And the Final Theory is that the programming you are experiencing is crap. I have noticed alot of errors, it seems with HTC and this Game everything that works has two Bugs. Not to say they haven't done an awesome job on this work so far, just to say that there are too many bugs. Of course that is part of the fun of the game.
So there are possible explinations for you. If it would be the last one, reloading the game into your system would be the best way to fix that one too.
Hope this was of some Help, Let me know if it works at all. My E-mail addy is
Kommandant@lycos.co.uk