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I've never seen colour cycling and zooming with Fractal Extreme.
Did you set your display to a 256-colour (8 bit) mode to get this effect?
That way fractal extreme just needs to alter the palette table to cycle the colours.
In 16 bit of 32 bit colour I guess it redraws all the pixels to cycle the colours.

The cycle colours checkbox will only appear if the Fractal Extreme Movie was rendered in a 256 colour (8 bit) screen mode.
The Movie can be played in 32/16 bit colour mode it the rendering that's important.
I've achieved a modest sized colour cycled video in this thread.
http://www.fractalforums.com/fractal-exteme/making-zoom-videos-with-color-cycling/
I've used direct screen capture as I dont have a video camera nor S-video output.
Probably cleaner using direct screen capture but you're limited by your CPU/Memory/Hard disk as to how large the resolution able to be captured.
Ie to capture uncompressed 1080p you'd need the fastest of SSD drives, or a a very powerful CPU (GPU?) to compress on the fly.