The time lapse feature allows My Screen Recorder Pro to capture 1 frame every x number of seconds, or minutes. This is useful when you want to capture your screen for a long period of time, but don't expect frequent changes.

The recorded video can play back in real time, or you can speed up the playback of the file by setting the number of frames to play per second. This can be configured in Tools >> Settings >> Recording.

Here is a list of the options and more information about Time Lapse recording:
http://www.deskshare.com/help/msrpro/RecordingSettings.aspx