I agree with Jake. there is a bundle of products that you can buy from
http://www.sylsoft.comthey are the champs right now. AnyDVD will run in the background and remove any and all copy protection. in fact if you have any old pc equipment that isn't HDCP compliant AnyDVD allows you to watch BluRay video and not have to worry about HDCP.Please note that you will need a Blu Ray player in your PC and i recommend Cyberlinks Power DVD Ultra Ver.8. Next you can use Clone DVD2 to copy your movie. easiest software on the market and you can decide if you want compression or not. I agree with you, Hard Drive space is cheap. If you want they also have Clone CD to copy any CD on the market. Mobile DVD will copy anything to almost any mobile device on the planet..
if you want to rip Bluray to disk or hard drive i recommend this
Download link:
http://www.sendspace.com/file/dedvp7it will be very easy if you already have anydvdHD running in the background so you don't have to look for the CPS key to decrypt .m2ts files.
there you have it.
good luck