Little late to your post, but ....
Nelson37 is dead on with videohelp ..... great site. Afterdawn also has a ton of good info.
I have used DVDDecrypter and DVDShrink for years. They are components of the now defunct DVD X Copy (it was sued off the shelves years ago by the MPAA). While these certainly can be used to pirate 480p DVDs, I have used them to back up the movies I have bought. Most recently I used DVDDecrypter to get the files to my HDD and then created an .iso for each for my home theater PC. This allows me to box away my movies and they are easier to access and load faster. DVDShrink is used to re-author the .vob files and also to compress as necessary if you want to burn a copy to disc since most DVDs are larger than the approx 4.5 gigs available on a blank disc.
I have never ripped Blu-Ray, but
this Lifehacker tutorial looks about right.
The codec of choice is likely h264 or x264 and
handbrake is exactly what you need for that.