For mobile use, you pretty much would need to compress the files (at least blueray) or you will have 40-50 gb movie files.
Once they are ripped to a disk, Handbrake is a great program to get easy MP4 files from movies. BlueRay should be in about the 4gb range after that with some being about double that.
The only things I really change is the speed to Slow (anything slower than Slow has minimal improvements) and the quality I up a single step higher than the defaults. Also enable Web Optimized so the video files are sorted in order for streaming.