It works. Exceedingly well. Each side of the conversation gets recorded in to a separate channel. You can set the quality. It does video, and you can get each side of the video out as a separate vid file too.
And it's always on. I have it set to record automatically, but it'll throw it away if it's < 5 seconds. A little popup comes up with a red off button so I can stop recording on the boring calls, but by default, I'm recording.
I record most of my calls to customer service departments this way. "This call may be recorded for quality purposes" I take as them giving me permission to record the conversation, so I do.