I use AnyDVD HD most of the time. It isn't free, but I've got the lifetime version and it is one of the best decryption programs around. Not from China by the way.
The second choice is MakeMKV. This is free to use while in beta and works for most DVD's and Blu-ray. It isn't updated quite as quickly as Fab or AnyDVD, so very new releases could be a problem. You have to update the beta key every month or so to continue using it. Found here: http://www.makemkv.com/forum2/viewtopic.php?f=5&t=1053
Its greatest disadvantage is that it will only output to an MKV file when decrypting a DVD. With Blu-ray, you can get either the full disc decrypted and ripped or rip as an MKV.
I recommend either of these over anything else.
If you need to compress Blu-ray to smaller sizes use BD Rebuilder. If you need to compress DVD's, use DVD Rebuilder. Converting to smaller sized MKV or MP4 files, use Handbrake or Vidcoder. All of these are free, and produce excellent quality. You need to decrypt first before using them.
So, you see, it is possible to use entirely free tools and get great results. You could also invest in AnyDVD HD once with the lifetime option, and not worry too much about beating encryption on DVD's and Blu-ray.