I'm confused. Are you advocated ripping or no? Are you saying to don't rip anything or only rip Blurays?
Blurays are just too big to store. 1 movie = 50GB of space. That will fill up a 2TB drive in no time. Now of course we can transcode them but, damn, that takes an "assload" of time to do that and you still end up with a file around 15GB if you want excellent quality out of it.
This is the primary reason why I still only purchase DVD's. I'd rather have a massive DVD movie library that we can play over and over again (I've probably watched the Hangover on and off over the last few days 5 times) than to have only a small fraction of Blurays that occupy the same space. I'm not "into it" enough to setup another dedicated machine in order to run UnRAID and archive my movies there. For now, a single 2TB HDD will store approx 1000 DVD movies on it if I transcode them all with an average size of 2GB (I think I did that math right) per movie.
When HD manufacturers start making bigger drives in the 5TB, 10TB, 15TB, etc... I will change my opinion. But I just don't think 2TB is big enough for these damn blurays yet.
Most BD's I've ripped aren't 50GB. If I rip a movie with great visuals, I'll rip to 25GB and do not notice any difference in PQ. Otherwise 9-12GB/disc is sufficient. RAID a few 2TB drives (or the new 3TB drives) and storage won't be so much of an issue.
DVD quality just isn't worth it. The extra time ripping a BD to DVD9 size totally justifies the PQ compared to ripping a 1:1 DVD.