[Squall]

Not sure what you mean about the extra mic... You don't need a mic to record the gameplay - the audio is pulled from your computer/console. Mic is solely for your voice.

I don't record for YouTube, however I have an HD PVR which I use on twitch.tv - using the xsplit software. That allows for local recording as well, however I don't know how good it is.

My HD PVR also came with a copy of the Arcsoft Showbiz capture/recording software, which I have played about with a little. It seemed really simple to use, not sure how all the effects work on it though, so I couldn't really say.

Hopefully that helps.

Also, the only reason I stream rather than YouTube is that YouTube requires you to take time over your videos, while streaming is more of a plug n play style of doing it. Until you learn what you're doing, that is.