As far as conversion time goes, its dependent heavily on your system specs. For dvds i average between realtime and 2x realtime,depending on the compression settings I use. Handbrake is an x264 frontend, with convenient audio splitting and subtitle integration,(to mkv at least). It has a really nice queue function too.I rip 3 or 4 movies with dvdfab a night and let handbrake run overnight and through the next day. By the time I get home from work its ready for more ripped dvds. I have an athalon 2 x4 processor, so if you have an intel i5 or i7, you'll probably get quicker results.You end up with files 1 to 2 gb in size with AC3 audio passthrough. If file size is not a problem,you can probably skip the conversion step and just rip to iso. I think ps3 media server for windows supports iso over dlna.

I would still suggest AppGeeker DVD Ripper. It remembers the last used setting for DVD. So if you choose MP4 for one, it will default to that for the next one etc. And assuming you don't want to change anything you can just hit Start. It can also take advantage of CUDA should you have a nvidia GPU.

How to Rip DVD to MP4 on Mac/PC with Quality Lossless

It has preset options for PS3 (PS4 maybe?) and in its current incarnation is pretty quick.

i use format factory if im lazy and want a gui for making mp4s

Not sure if u can convert dvd to mp4 though

I owned a megaton of DVDs but I gave almost 90% of them away. I just downloaded everything I want to see from a torrent site. I was getting about ten movies a day. Some, I even downloaded in 3D! So convenient and still in Blu Ray or at least DVD quality. I never bothered to convert. PM me if you want the site.