1) Set default video settings. These settings allow the final video file to stream to the PS3:
Default video codec: xvid4
Default container format: avi
OGG file extension: ogg
Default BPP value:
Default Clip & Zoom preset: No Modification (anamorph)
Grab subtitles while ripping: Don't grab subtitles
2) extract VIDEO_TS folder from DVD to your computer. There's an option to have this be done automatically, but for some reason my computer tends to have issues reading the disk drive on occasion so I rip the VIDEO_TS folder first.
3) Create a new project. This will initialize most settings to their proper values, set in step 1.
4) In "Storage" tab, click "Choose DVD image directory" and navigate to folder in step 2) (the one that contains the "VIDEO_TS" folder). Select "Encode DVD on the fly"
5) In "RIP Title" tab click "Read DVD table of contents" to make sure everything is found. Highlight everything you want to rip. For my episodic content there are 11 episodes highlighted.
6) In "Transcode" tab, make any additional modifications you want. I was ripping episodic content, so I lowered the target size from 1400mb to 350mb for each entry.
7) Save project! In case your computer freezes or something, save project now so that you can easily restart it!
8) Click "Transcode", if you click the magnifying class, you can get a nice little task list. Wait a few hours.
9) Your video's will now be in the directory you set for "AVI directory", rename them and your finished.