MakeMKV is currently my bluray back-up of choice. It rips into .mkv, but I haven't found a player that won't play it, it allows selective ripping, and if you are like me, you will get really excited when you can see you have like, eight audio tracks and closed captioning in several languages and formats. I've worked with both the Windows and Linux version, but Linux was what I primarily used.
It can be a resource hog. My laptop is an i7 quad and overheats like a lifestyle choice and it took everything while running, though it usually took between fifteen minutes to an hour (no idea why) to finish, which is why I switched to Watson the server and ran it in Linux (Linux version).
If you use the Linux, you will need to compile it yourself, but it's honestly fairly straightforward. If you want to use command line, I suggest getting a look at the GUI first; the command line has more options, but you're kind of on your own to figure out how some of it goes together. On the upside, it can be set to batching, which is very nice.
I like MakeMKV because it's relatively simple. Bluray movies (feature only, no extras) of around two hours are 40G at 1080i with HD Audio; it goes up the more options you add in. DVDs run around 10G, but keep in mind that's without any compression at all.
Handbrake is the easiest compression software I have found, but it's not the best out there. Windows, Mac, Ubuntu and Fedora are currently available. I used to use the nightly builds when it was still experimental in Linux and when it ran, it required very little from me but boredom waiting for it to finish. Formats are mkv and mp4.
Speed depends on processor speed; my laptop thirty to forty minutes, my old laptop, four hours, but Linux on Watson ran it at a flat fifteen to twenty, and his processor isn't much better than my old laptop's.
I have third program recommendation, but it's--weird, and the user guide is very--something, and also, I can't remember the name. I'll look for it tonight. It has more options, but it's--complicated. In a fun way, yes, but weird. Also rips into .mkv.
If anyone wants to toss out their favorites in comments, do so! I'm in a software testing mood.
ETA: The current beta key for MakeMKV is here. While it's in beta, the developer isn't charging for use of it. The forums are pretty interesting to read as well.
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