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everyone who puts out BD/HDDVD rips generally converts the unencrypted video format to a matroska (.mkv) file using the x264 (or a h.264) encoder at the appropriate bitrates. Not sure whether there's any all in one methods out yet, but given how long it took for a decent one to be applied to DVD ripping (ie not crappy compressors) I doubt there's anything out at the moment.
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<Dwaggy> i caught you a delicious Bass
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