I have two bulb cams. Got them on a great Prime Day sale. Little did I know there is a 5 MINUTE cool-down period! Once an event is recorded, the cam will not record another until after 5 minutes has elapsed. 
That said, quality is great, recording to sd card works fine, detection-to-record time is a bit slow. Overall, it is acceptable.
Welcome to the Forum, @a62dave! 
If you’re using using these without a subscription, then the 5-minute cooldown period essentially applies to event marking and notifications. With microSD recording set to Continuous, you should have an essentially unbroken recording timeline, though it may not show a marker for every motion occurrence.
I’ve been searching for the best NON-Cloud system (local recording but still available through the app) and, so far, ReoLink has nailed it, so I might be a bit biased. Should ReoLink ever offer a Bulb Cam, I likely will buy one.
I admit, I tried these Bulb Cams after months using several ReoLink cams with the Home Hub, so the experience has been a bit different. My bulbs are on a dusk-to-dawn timer, which works great for my purposes. I do not have to program anything into the Bulb Cam itself. I do like that I can control the bulb and camera separately, and can even record without ANY lighting if I want to, neither IR nor the bulb, and use the Bulb as just a plain old light bulb if I want. Kudos for that option! 
As @crease mentioned it is important to differentiate between recording and tagging/notifications.
The 5 minute tag/notify limit is tied to subscription status, since it uses Wyze’s servers and bandwidth to function, and bandwidth/storage cost money. But your SD card, whether set to continuous or “motion only” will record everything no matter what. Most of my cams are set to continuous, but the ones that are “motion only” if something happens during the 5 minute time, it is recorded on the card (which you can see based on the green spot on the timeline) just doesn’t have a motion “tag” on it and isn’t listed in the events list.
The difference between recording and an event is a bit confusing but it is important to know, just because an event isn’t listed, doesn’t mean you don’t have a recording (if you use an SD card anyway).
Just bear in mind that “hard power” cycling electronics like this will likely reduce their life span, especially if done daily. I definitely would not want to do that if it has an SD card in it as at some point the card will almost certainly get corrupted. If you can, I’d recommend leaving the power on all the time and using the built in timers to control both the camera and light on/off.
If you like ReoLink, you may also like Lorex. Lorex does offer a light bulb camera.
I hadn’t thought of that. I think I will tape over the photocell that controls the lights so the bulbs get power 24/7 and control them with the app.
I don’t have any experience with the Reolink products, so I can’t speak to that experience, but I’ve read some good things, so that might be the right choice, depending on the use case. Most of my cameras are Wyze, though I have a couple of Tapo cameras, and I’ve been pleased with those, too.
As far as Bulb Cam itself goes, I like being able to schedule my lighting in the app, and I leave those circuits on all the time, so I can get video in the day. I use both the Ambient Light and motion-activated light settings in the app for the night-time lighting, and I’ve been really pleased with how wide the Cam’s field of view is, especially for covering the area of the driveway and the street (I have one on the front of my garage, bound to a couple of Accessory Bulbs). The way the lighting works for me, I’ve even seen it apparently change the behavior of someone who appeared to be approaching a vehicle in the driveway early one morning.
That’s what I’d be inclined to do if you’re keeping the same fixture. You certainly won’t be the first to do that: