Rep0 iz t3h funnay...
OKay Aces High will not record TIR movements as we have all come to figure out.
To bypass this, you will have to record live, while playing the game and not the film viewer. If your computer is having issues recording while playing the game, you can tell fraps to record at 1/2 the game resolution and that should help out with framerate issues. You can record at 30fps or 24fps. The game seems to be choppy at 24fps but it runs great that way on my PC. These avi files that you've now made can sometimes be nearly 1GB in size and so that's why you can use Windowns Movie Maker or another Video Editing Software to render it to a smaller size file.
This is a crappy workaround for most situations, but you do what you gotta do sometimes. Sometimes you end up with great footage and sometimes you don't. The bad footage is the stuff that helps your editing skills improve.
Whenever HTC enables TIR to work in the film viewer, I'll be the first to spam the boards of this acheivement. Until then, be creative and enjoy the film viewer for it's only true purpose...analyzing dogfights.