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Update (2008-12-23): I have discovered an alternative to the method below, which works equally well (although not as fast as the DVD is ripped and re-encoded) - details are posted here. Wow - it has taken me nearly 8 weeks to figure it out and the sol… more »

It could be no easier than using Handbrake on OS X. HandBrake does not require any more write-up: you install the app, pop in the DVD, select the target format and your DVD gets ripped to a number of formats (PS3, AppleTV, XBOX etc). At least now I ha… more »