The folks over at Tested.com have created a nice guide to show you how to rip your DVDs to play on any device. Basically they walk you through the preferred settings in Handbrake for each device and explain what each device supports.

To me, it looks like you'll end up with a different copy of the movie for just about every device. It also won't work for my purposes since part of the goal of my media center/DVD library is to use the library as a backup for the discs in case they go bad; recompressing, removing the extras/menus, etc. sort of defeats that purpose.

Nevertheless, a good guide, especially if you're just looking to stream the movie content.