HandBrake -multiplatform, multithreaded DVD to MPEG-4 converter

HandBrake is an open-source, GPL-licensed, multiplatform, multithreaded DVD to MPEG-4 converter, available for MacOS X, Linux and Windows.

Installed Size on Hard Drive: 10MB
Memory Footprint while running(not ripping): 22,256KB
User friendliness/ease of use: Pretty Straightforward. The presets cover most output formats.
Similar to: many closed source variants, but did not find them any better than this

Can be used (and is famous for the same) to rip audio/video from a DVD for the iPod. Obviously can also be used for ripping a DVD to the hard drive in a different format. This will enable us to save the dvd copy at a smaller size on the disk and also archive the same.

Links with steps for using HandBrake for iPods:
The-complete-guide-to-converting-dvds-to-ipod-format-mac
Rip_DVDs_for_iPod
iPod-dvd-ripping-guide

Latest release as we speak: HandBrake 0.9.1
Direct Download Link: Windows GUI
The command Line Version: Windows CLI (i386 Binary)