I've been using Handbrake for a few years and have never had a problem of movies stopping working. I have found it doesn't rip DVDs so well which is why I use RipIt. I then run Handbrake, you can do batch runs overnight if you wish, to compress files. A DVD rip is 8gb, typical mp4 from Handbrake is 500-750mb. Handbrake has quite a lot of options for including things like sub title tracks which I use a lot. Neither program is rapid.
BlueRay specifically I haven't done, I know others do. I think the output files are pretty big as thread I saw on MacRumors discussing it where to do with large capacity media servers.