DVDShrink + the free decryption section of DVDFab is still a viable choice for those who want to back up dvds without paying for one of the main decrypters. DVDFab has changed things up a bit since making the free section lag behind the paid one in rate of updates, but the combo still works for most movies.
There is another choice for compression. DVD Rebuilder will give slightly better quality results than what you can get from a transcoder like DVDFab or DVDShrink. The downside is that the free version of DVD Rebuilder has fewer options for working with the dvd and it will take longer to process. But the results you can get using the HC encoder in DVD Rebuilder are second to none.
I personally use AnyDVD for decryption, then analyze the dvd with Shrink to check how much compression is necessary to make a movie only backup. If it is a trivial amount, I'll go ahead and use Shrink to compress. If it is more than 5-10% compression to be applied, I use DVD Rebuilder Pro.