As a key part of my digital home media strategy (doesn't that sound geeky!) I am converting all our DVDs to Digital mpv format for streaming from iTunes to the Apple TV.
We don't have that many physical DVDs, we stopped buying them a couple of years ago instead downloading them on iTunes to rent or own.
So we only have about 50 or so DVDs in total.
After much searching online I have found the best application for converting and 'backing up' my DVDs.
The only issue I have had really is the time taken to convert each DVD which takes about one and a half hours each.
Years ago I converted all our CDs to digital so we could use them on our iPods and I now have boxes of CDs sitting in storage from then, and I suppose once I have finished this process I will end up with another box of DVDs in storage as well.
There are still some significant legal issues surrounding this, technically even backing up your CDs or DVDs like this is illegal, but I certainly don't share the files with anyone and they are in my mind my own backups.
As for the quality of the conversions they are pretty damn good. I choose to convert to the maximum quality I can do, I end up with 2gb or there about for each file, but I would rather have as much quality picture and audio.
I reckon it will take me about 10 days to convert the collection over and I am looking for another 2 x 1 terabyte drives, so they can be mirrored in case of hard drive failure.