I just recently purchased this Blu-ray drive so I can rip high quality movies and TV shows for playback on Plex and Infuse. For anyone curious, I rip the disc using MakeMKV, which is free while in beta, and then use Handbrake with the settings in the above link. The resulting video quality is superb, especially considering the file size. And if you still rip standard definition DVDs from time to time, the site has settings for that too.
And of course, this should only be used for making backups of discs that you actually own.