What good is just seeing when you fire your guns?
In WW2 it showed if you hit your target.... An endless series of 3 second clips won't help you figure out the manuver the other guy pulled to evade you BEFORE you fired your guns, or how he shot you down, or won't show the nice formation flying of your squad on the way to a fight, etc.
I much prefer the constant record mode with the "name file" pop-up dialog we have currently. That way I can stop a recording, name it or cancel it, and start another instantly when I'm done.