I'm using DVD Shrink 3.2 to decrypt the DVDs, as well as shrink it down to just the single audio track and movie (gets rid of subtitles, menus, etc...if you want), and then HandBrake to create mp4 files.
You can also use DVD43, which will run in the background and decrypt the DVD while HandBrake encodes it (both running at the same time), but I'm not sure if DVD43 will cut the file down to the bare basics.