While I agree the new screencasting functionality on the Nexus 5 isn't very user friendly (for end-users), it is HUGELY useful and will make app promo videos MUCH easier to do. Rather than having the recreate the app from PSD's and implement every animation manually, now it's just a matter of taking a video of the actual app in use and then adding whatever fancy bits external to the app demo that you want to include in the video, all without needing to deal with apps that may or may not work with particular devices and may or may not require rooting the device.

Hopefully this will herald a new era of quality app demo videos on Google Play given the barriers to entry have been significantly lowered.

[Hands-On] Android 4.4 Screenrecord Gets The Job Done, But It’s Not Pretty
One of the many footnotes that came with the announcement of Android 4.4 KitKat was the inclusion of native screen recording. This was pitched as a tool fo… by Ryan Whitwam in KitKat 4.4, News