I just want to add... a couple of settings that REALLY made it butter smooth for me. Granted, again, using a G-Sync monitor here, so ymmv.
All settings set to Ultra, except I make sure the resolution matches my monitor (some reason it chooses a higher res on Auto). So I highly recommend you check that setting and make it matches your monitor output. That was the first big step for me to smooth things out. Next...
Full Screen = On
Motion Blur = On
Framerate = Unlocked (variable)
Vsync = Off
Smooth Framerate = On
MSAA = 4x
FXAA = On
Dynamic Optimization = Off
... using this, mine seems to stay locked around 68fps on the indicator, with no drops (that I can tell) and the play is butter smooth, and the graphics jaw dropping. Night time in the rain with a full moon is a site to behold. The weather and skies in this game is insane. Be sure to turn on Smooth Framerate... for me, that got rid of some weird hiccups.
If someone could tell me how you do the video capture, I could get a sample for you. Though I was told awhile back turning off the xbox dvr was one of the major issues causing the weird jumpiness, so I turned it off. Something else you might try.