If you're letting FRAPS 'hook' onto the game and record that one window, you should be locking your framerate at 29.97 or 30
FPS. You'll notice the cap while in game and recording but the final product will be smooth. As for using PP CS5, I've always
used AVCHD 1080p30 and have never had any issues.

In my CS5 I don't even see a 1080p setting under DV-PAL...