Ripping a DVD is free. Ripping Blu-Ray requires a license. This program does produce a large file when complete. To further reduce you can then process the file with handbrake which can reduce a 10gb dvd file down to 2 gb.
In the interface it is recommended that you reduce file size by only ripping the main feature, not everything on the disc. All of the boxes are checked by default so you will have to uncheck all of the other files except the large one, which is the main feature. Click on the arrow next to the title that you have selected to rip, it will present you with more information contained within that title, like audio and subtitles. For audio choose Dolby 3/2.+1.
Tested and Verified: This tool works pretty good.