I have been using Ripbot264 for years. I usually choose "SD iPad" setting
with MKV, 1280x720 resolution, CF22, 2.0 audio, normalized to 100%, and
hard subtitles(if needed). A 2-hour Blu-ray usually end up as a 1.3GB
MKV video file.
Instead of the default video player, I always use DicePlayer.(which plays
somewhat smoother 720p video than MX Player)