Anywho.. Fraps will probably work..
They are trying to keep rushing to a minimum so level grind areas like Cows probably wont be seen much in Diablo3 (or thats the majority's hope anyways)
Since the game is a lot more modern, and with bnet 2.0 im sure that hacking / duping / botting will be a lot less frequent.
As for the lore and PVE playing, the game will have a lot of focus on PVE content, although they will be adding better PVP content (or have said they will) if you ever gain an interest in that.
The developers have said they want to create a game where people who are into the lore can get very immersed into it, but people who arent can still play freely without any of it mattering.
I hope this helped you in some way.
Most of what I have said is based on official statements which could be looked up if you really want to try, although I dont suggest it.
Actually it makes me feel a little at ease. And as for my name well its been my acount name for a very long time. Its easy and I didn't feel like changing it.