A few things I've been able to glean: apparently using a "mirror driver" is fast though I'm not aware of an OSS one.
Why is RDP so fast compared to other remote control software?
Also apparently using some convolutions of StretchRect are faster than BitBlt
http://betterlogic.com/roger/2010/07/fast-screen-capture/comment-page-1/#comment-5193
And the one you mentioned (fraps hooking into the D3D dll's) is probably the only way for D3D applications, but won't work with Windows XP desktop capture. So now I just wish there were a fraps equivalent speed-wise for normal desktop windows...anybody?
(I think with aero you might be able to use fraps-like hooks, but XP users would be out of luck).
Also apparently changing screen bit depths and/or disabling hardware accel. might help (and/or disabling aero).
https://github.com/rdp/screen-capture-recorder-program includes a reasonably fast BitBlt based capture utility, and a benchmarker as part of its install, which can let you benchmark BitBlt speeds to optimize them.
VirtualDub also has an "opengl" screen capture module that is said to be fast and do things like change detection http://www.virtualdub.org/blog/pivot/entry.php?id=290