DVD Shrink can do both ripping and processing.
HOWEVER, I prefer not to do on the fly ripping, in case I have to re-process the DVD due to a mistake of mine or something.
So, I rip all DVD's to the hard drive using DVD Decrypter alone or with DVD43, then use DVD Shrink to process and output to the VIDEO_TS folder. I then use Nero to burn a DVD Movie compilation to disk.
There is a good site with tons of tutorials at MR BASS:
Here is their DVD Shrink one:
Here is their bit on DVD Ripping:
I still find DVD Shrink to be about as awesome as it gets. It is a fantastic app, and works with just about everything out there. Even the brand new copy protection stuff is not an issue if you rip with DVD Decrypter / DVD43 first.
Anyway, best of luck.