There is really only one program that allows you to rip and back-up your Blu-ray movies and that program is Slysoft AnyDVD HD. Last week, Slysoft announced a significant change to the way they sell the program as well as a good discount for this month.
Up till now, Slysoft has always sold AnyDVD with lifetime updates included. This was a great model for customers because you only paid once, but knew you would be getting updates as needed from Slysoft to keep up with the many changes with the DRM tangled into the movies. This is about to change beginning 2009 with a switch from lifetime updates to a subscription model. Here's an excerpt from Slysoft's press release:
"Since Slysoft’s beginnings in 2003, all Slysoft product licenses have been sold with free product lifetime updates included. While standards, technologies and SlySoft’s product range have changed significantly since 2003, only now has Slysoft’s free lifetime update policy been reviewed with respect to converting to an annual subscription fee format for new license purchases."Thus far Slysoft hasn't announced the pricing or even the date for the switch to the subscription model. They have however given everyone the chance to purchase a copy of AnyDVD HD with lifetime upgrades included going forward. If you want to get in before the switch to lifetime upgrades now is a good time as Slysoft has a 20% Christmas discount (good through 12/31/2008) making the software $79. The discount applies to their other software as well.
My only concern with the software is that it seems they will eventually be run out of business by the Media Companies and then the updates will stop. Still, they've been around since 2003 doing this sort of thing so they do have a good track record.
NOTE: I do not condone or recommend in any way copying content that you do not own. I do however believe it should be ok to copy media that you have purchased for the purpose of using it on a noncompatible device for playback of the media you own as long as you are not selling it or "sharing it" with others who have not purchased the media.