mmontano, if all you're doing is watching the movie off your hard drive, why are you bothering to reencode it? It seems like a big waste of time to me.
What I do for plane trips is rip the disc directly to the hard drive, with no reencode. Takes about 15 minutes, you get an exact copy of the DVD complete with all the extras and chapters, etc. The only issue is space, with each movie at about 7 GBs or so.