Keyboard Maestro 6.2
Stairways Software has released Keyboard Maestro 6.2 with a number of new capabilities in the macro utility, mostly related to Apple Mail (see “Keyboard Maestro 6 Automates Web Pages, Adds Macro Syncing,” 21 May 2013). There are now actions to send and flag messages, along with a number of tokens and status functions to enhance those capabilities. Other new features include the capability to format AppleScript in the Execute AppleScript action, access to Keyboard Maestro variables in JavaScript scripts, the capability to reopen windows in the Application Switcher by holding down the Option key, and an updated Markdown library from Andreas
Zeitler. Keyboard Maestro 6.2 also offers a number of bug fixes. ($36 new with a 20 percent discount for TidBITS members, free update, $25 upgrade from previous versions, 25.4 MB, release notes)
Every time they come out with a new version, I look for a "watchme" function ala QuicKeys, which allowed a macro to crudely build itself, then allowed me to trim it down and speed it up by deleting unnecessary steps. Strangely, they have never added that. Saving time being the whole purpose of a macro program, I won't be interested until they do. Even MouseTracks, the 1st Mac macro program, did that.
I can't recall if it is as good at this as QuicKeys was (too long ago, now!) but there is a Record feature in Keyboard Maestro (View menu or button on Editor Window) that seems to be what you are asking for.
'Take Control of Keyboard Maestro' would be very welcome! I struggle with using variables and find the documentation, while welcome, assumes too much prior knowledge. Bundle with 'Take Control of AppleScript', please.
Update: just spotted the earlier item - http://tidbits.com/article/13784 - suggesting Take Control of KM might not be a bestseller. Fair point, but I would still be grateful! :-)
Ian's absolutely right - Keyboard Maestro has long had a Record feature. The problem with it, like all similar features I've tried, is that it can only record what it can see, such as mouse movements and clicks, rather than more abstract actions like menu selections that are less likely to break in future usage.
We'd love to do a book about Keyboard Maestro; the problem is figuring out how to make it worthwhile from a business perspective.