This is my current strategy, as well. Handbrake just released a new version this week, too. The AppleTV makes it much more likely I'll watch the DVD's I've ripped than using the actual DVD. Curious how you're handling storage. I've currently got a 2T drive in my PowerMac G5 that I use for media storage, but it's starting to fill up and I need to come up with some sort of external storage device. I've thought about building my own FreeBSD-based ZFS system, but I'm not sure I want to put that kind of time in. I also need to figure out something for backup, as right now I'm only backing up music not movies.
As for current movies, Black Swan is probably the best movie I've seen since No Country for Old Men. I didn't know much about it going in, except it was about ballet (and therefore a chick flick), and had Natalie Portman (and therefore worth seeing even if it is a chick flick.) Turns out I couldn't have been more wrong. Not at all a chick flick, and I'd urge everyone to see it before it leaves the theatre. Everything about the movie is great, but I found the sound editing to be particularly superb, and that's a part of the moviegoing experience I almost never notice.
True Grit I enjoyed, and I'm planning to see The King's Speech after I get back from the Michigan State game on Saturday.