Many movies, even new releases, have nothing more than simple CSS protection on them, so Shrink works as well as it ever did for decrypting those.
I've even come across a couple of movies that had no encryption at all, and were released by major studios. Those are a bit rare, since I've only found two in the last nine years.
And as far as converting blu ray to fit onto a dvd disk...anytime you compress or convert, you will lose some of the picture quality. It is a given. The only time you can take a blu ray and put it onto dvd sized disks without quality loss is when the blu ray movie already fits without compression and when you do not convert from the H264, VC-1 or high bitrate Mpeg2 found in blu ray down to the SD quality mpeg2 found in dvd-video.