You can rip the Blu Ray, but note it can't be done on a Mac (yet..).
Also, 720pRes is great and I'm sure it DOES look great on the iPad but the iPad's screen cannot display that resolution. Basically you end up with a 4GB file when you could have gotten away with a ~1GB file. Seems silly to waste all that space for a rip that won't look much/any different than a 1GB one.