The big problem is that I can see Theydon Bois deleting this entire thread...
Ah well...
Basiclaly, if one ripper can convert a dvd in less time, it will be in inferior quality.
On my current rig, handbrake takes about 1hr to rip a dvd in h264 2-pass at origional resolution.
Output files are aprox 900MB to 1.5GB depending on the film length, though on my 900p display, appear no different than the dvd's; indeed, I did a test when I re-converted on of my rips into mpeg2 (normal dvd format), and could see very little difference, even with the second conversion.
With a 500Gb+ hdd on your pc, you could copy the raw dvd files to your pc, then queue them up on HB to convert in the background at all times, like when you are at work.
Of course, the other solution is to build a htpc with that 2TB hdd, and use it for dvd playback.
Alternativley, there is some system you could use to stream to the ps3, but putting your NAS in an an external hdd caddy and connecting it to the ps3 might be simpler.
Subtitle options:
AFAIK , h264 does not support toggleable subtitles, though I may be wrong, but they can be hard-coded into the picture when you rip.
If I think of anything else, I might post again later...