What is MakeMKV?
MakeMKV is a program designed for ripping DVD and Blu-Ray disc video. It works by decrypting proprietary discs to transfer codecs from the formats VOB and M2TS into MKV, preserving the necessary data without doing any lossy codec conversion. The MKV format was chosen because of Matroska's goal to make a file format that acts like a DVD, with its simple container design to store any amount of video/audio tracks, with all meta-information including chapters. MakeMKV can also stream the output.
[MakeMKV is free while in BETA. During BETA, Blu-ray decryption and processing is free, however even after BETA, DVD decryption will remain free. The beta key expires periodically, in part to make sure people remember to stay current with the beta, and in part to encourage you to buy your own permanent key, which won't expire.]