I've ripped a couple DVDs so far with mine. I used this program called Xilisoft DVD Ripper. I got the old version through Sharazaa and used that to rip the movie. Then you have to use a program called Videora iPod Converter to switch the files over to MPEG-4 version so you can put them on your iPod.
I know there is probably better programs to use, but those are the ones I found online either for free or download. In all it took me about 4 hours to rip and convert Enter the Dragon the other night. If I find a better way to do it I'll post that up.
Late!