Another nice output is using handbrakecli. You can use a gui as well. I use linux but commands should be exactly the same. This is from a DVD source: (I rip the DVD to HD first)
HandBrakeCLI -i '/media/disk2/dvd/THE_MATRIX/' -o /media/disk2/Matrix.mp4 -t 1 -C 2 -f mp4 -e ffmpeg -b 2000 -r 25 -a 1 -E lame -B 200 -6 dpl2 -R 48 -D 4.0 --loose-anamorphic
Takes about 40 mins tops on a P4 3.4ghz with 1.5gig of ram
Quick easy and a superb picture I doubt you will beat easily.
Above options -t = track number. -a = audio track you want to rip from DVD