I join your problem:
Today I updated my video drivers (nVidia) and guess what: Fraps drops at 7-8 FPS on my engine...

Driver problem?

DX9, nVidia 6800 x 2 (SLI configuration)

I also have some unwanted results in 3D max: anti aliasing... (never had it befor)


UPDATE: Problem solved:

Within the nVidia's controll panel you can set the quality of the rendering to Performance, balanced or quality. With quality on it goes very slow, with performance on it goes as it normal goes... Strange fraps has to suffer cause the engine rendered at a speed of 75fps steady...

UPDATE: Stupid control panel :| When you say let app choose, performance will override...