The answer to this question depends on what your goal is. I do all of this on Windows XP running on a dedicated PC, so that's my frame of reference. Another assumption is that you have the PCH connected to an AVR that can decode DTS.
1. Just rip and play with the minimum of effort and no regard for disk space:
As previous poster said, use Slysoft AnyDVD HD (great product, frequently updated) to crack the encryption and allow Windows to mount the BD as a regular file system. I'll then use an enduser-created app called ToNMT to analyze the playlist and determine which m2ts file contains the actual movie.
At this point I'll just copy it up to my server and play it back on one of my PCH units. No remuxing is necessary since the PCH will allow you to select audio stream at time of playback. If your AVR can decode Dolby TrueHD or DTS MasterHD and you have an A-110, then you can play back the default HD audio stream.
2. You have more time than disk space:
Again, use AnyDVD HD and then ToNMT, except use ToNMT to remux the movie with the single audio track you want.
Then I use Ripbot264 to do the x264/mkv compression. You'll end up with a file significantly smaller than the original m2ts, but my machine takes about 12-18 hours to do a feature length film.
I mostly just use the 1st method because I don't keep the movies around too long and I have about 11 and a half terabytes of storage on my server.
Hope this helps. Once you have AnyDVD HD it's not that complicated.
John