bash script would be limited to every second (unless you make own loop rather than watch), since you asked about possible cli incantation came up with that. don't believe load applet was opensource, you can always look at fixing it if I'm mistaken. proper screenshotting and recorder app can get you the basics to end up with vid, not sure if whole process can be done on the device though (edit: actually definitely should be doable as load applet did end up with .avi, just incorrectly placed frames resulted in the audio playing for 99% and then all frames dumped at once in the remaining 1% of the movie IIRC)
Actually was mistaken: http://repository.maemo.org/extras/p...0.4.6-5.tar.gz