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Garett,
I have used Fibrizio's method with success and managed to decode a few DVDs and "aximized" them as I call it. I have used Flask to RIP the DVDs and VirtualDub for aximizing. Output is AVI and I play it from PocketMVP. The only issue, as Fibrizio mentions, is what is your taste for quality. I found the 128 kbit encoding with 15 FPS quite crappy and am doing mine without decimating the frames and at 256 kbit at least or 300 when I have a smaller movie.
As to taking long, it definitely does. Count on upwards of 4 hours on a good machine...
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