As it's still not jailbroken, you can't use Ryan Petrich's excellent
Display Recorder, the by far the best recorder apps available. (See
http://www.iphonelife.com/blog/87/tutorial-how-you-can-record-your-skype-video-calls-last for its capabilities - yes, even Skype calls can be recorded, with video!)
BTW, do you have access to an iPad 2? As you could only record at a reduced resolution thru the VGA / HDMI adapter, isn't it easier (and immensely cheaper, see below) to just use a jailbroken iPad 2 with Display Recorder for this kind of work?
If you can't, prolly the best option is the recently-released Full HD HDMI recorder. It costs $300. If the price isn't a problem (it's still WAY cheaper than comparable, earlier recorders!), tell me and I look up the manufacturer. (It was released some 2-3 weeks ago. I haven't stored the exact type and name of the recorder, though.)