Yep, the Elgato software (which is pretty awful but does the job) will record the mic independently. You can even have it automatically scale your game play audio up and down depending on when you're speaking, though I don't use it as I find having a lower but constant background volume is preferable to my viewers. The two limitations are that (as someone else said), it puts the commentary and game audio onto the same track so it's impossible to re-mix the levels independently and also, it will only record from one device at a time. So if like in my case, you occasionally do videos with two people, you either need to record the commentary in another application or use software like the hideous Virtual Audio Cable to blend multiple inputs into one virtual input. We did this for a while and I absolutely hated it. I have had problems with the Elgato software putting the occasional or click into the audio from my USB mixer but I'm still not 100% sure if that's the software or the USB 3.0 controller on my ultrabook.