I am facing the same problem. I installed ML yesterday, very anxious to check the announced function " How about the idea of just pressing Record to start filming a timelapse video instead of still frames?"
Well, that function certainly could be more intuitive. If I choose, for example, 1fps (very used in time-lapse), the system considers that the shutter speed should also be 1 sec., which generates high exposition, especially in daylight. You can compensate it with low aperture and low ISO, but the result is not so good, and hard to achieve. Until now, I haven't really figured out how to shoot, for example, 1fps and 1/100 shutter speed, and I consider myself good with photography and computing.
Well, that function certainly could be more intuitive. If I choose, for example, 1fps (very used in time-lapse), the system considers that the shutter speed should also be 1 sec., which generates high exposition, especially in daylight. You can compensate it with low aperture and low ISO, but the result is not so good, and hard to achieve. Until now, I haven't really figured out how to shoot, for example, 1fps and 1/100 shutter speed, and I consider myself good with photography and computing.