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yes, you can record voice commentary with Action. The file size depends on your video settings. Full HD AVI 60fps takes about 1GB per 1 minute. However the MP4 format provides smaller file size with close quality to AVI where the file size takes about 100mb per 1 minute. The longest recording we had tested was around 26 hours.
I've had the software for a while now and I can definitely say that the Devs are spot on with the estimates. I run a channel as well, from what I can see, if you're trying for a normal gameplay video with audio with a length of around 15-20 minutes it can take up about 2-8 Gigs of space, using my previous recordings of outlast, one which was 19 minutes long, with audio, it takes up 2.06 GB of space. It all depends on the settings you have it for. High quality=High space usage, Low=Low. Simple.
And another thing;
Like the devs said, it doesn't come with any editing software, sadly enough, fingers crossed on that maybe? I'd recommend sony vegas pro, if you don't want to spend any money, get a free software, or just go with the stock windows movie maker, was my goto earlier on in video editing.
And to talk about the upload rate, just like the dev said, it depends on your connection speed. For me, a 15 minute long, max quality video takes about twenty minutes or so to upload, give or take peak times for my ISP(Internet Service Provider).
And finally;
Not that I've noticed, owned both, using the steam version right now. Both have the same features to my knowledge, and both have the same companion applications available on IOS(?) and Android. Unless there's something exclusive to both versions, then they're virtually the same.