Commentary = Let's Play.
Couple things:
--Draw distance ... did you change it in the game settings?
--Fraps records in 16:9 for me just fine...probably some video setting you have going, somewhere, somehow, that's confusing it. Either that or you're playing in 4:3 and for some reason your monitor is stretching it out on your screen, but fraps doesn't stretch it so it records in 4:3.
Other than that...for a new let's play attempt it's not too bad. I like that you don't use VATS that much, I get tired of seeing the VATS screen every 2 seconds in other let's plays I've glanced through. I've always thought FPS make better let's plays because of less empty time/menu fiddling than RPG's tend to have, but that's just me. You might want to consider each video just focusing on a specific quest.