TechoCrunch

BitRipper is an onclick DVD ripping and conversion program that lets your create AVI or Mpeg from DVDs. bitRipper is handles the decryption and encoding of the DVD video in just one click unlike other applications that have tones of wizards.

Unlike other applications that starts processing your files from the DVD/VOB files after the DVD encryption/protection is removed BitRipper consolidates the ripping and conversion parts of into a single process that eliminating the long waits.

Previously BitRipper was a commercial product that only recently became freeware. bitRipper does not support filetypes other than AVI, so it might not be the best option for the time being. Still a magnificent tool and its free.
bitRipper [via FreewareGenius]

Pranjal