It took over three hours because Handbrake takes the format of the DVD video and totally changes it so that you can stick it on an iPod etc. It's one of the most processor intensive things you can do but it's pretty damned convenient having and entire collection of movies in a relatively high quality on your hard drive. A feature film would take up somewhere between 1GB and 2GB generally.
MacTheRipper just makes an exact copy of the DVD onto your hard drive, it's not changing anything at all and you can still only play the video on your computer. It's great for copying DVDs but not so great for storing all your videos in one place as each Video_TS folder that is on your computer can take up to 7.5GB.
Mind you, Handbrake encoding from a MacTheRipper rip is much faster than directly from the DVD.