Not overly concerned about the cost - want a solution that can generate the above format from Blu-Ray with subtitles if needed (Wondershare does this for DVDs). Our DVDs have been ripped to 720p MP4 and work well. DVDFab's paid software includes Cinavia removal too. Some of DVDFab's paid ripping software can convert video and audio or shrink video and offers the choice of different container files instead of just MKV. MakeMKV is fairly reliable, especially for older releases but paid software from DVDFab or AnyDVD is updated more frequently and is better able to deal with novel DRM strategies applied to newly released movies. Cinavia prevents ripped media files and copied discs from playing on the majority of Blu-ray players and licensed player software such as PowerDVD. Also, MakeMKV doesn't remove Cinavia, which is an uncommon type of copy protection. MakeMKV doesn't have the ability to convert the ripped video or audio to other formats and won't re-encode the video to a smaller size. The decrypted audio and video output from MakeMKV is identical to what is on the original media. It can rip DVDs too but those can only be output as MKV files. MakeMKV offers a choice of output to your HDD, either the complete file and folder structure on the Blu-ray disc or a copy of the main movie only in an MKV file.

If you want a free Blu-ray ripper, MakeMKV is good.

I hoped that someone else would answer because I do very little ripping but here goes.

Makemkv blu ray ripping software