whoa, whoa, whoa... easy there...
you'll probably get alot of conflicting answers on this one. i would NOT recommend HandBrake - i used it once, and it was the last time. it was buggy, and slow. numerous other users have also commented on how slow it is.
i use DVD2OneX to compress ripped DVD's. but that keeps them in the Video_TS/DVD format. (which may or may not be a problem for you). if you want to convert them to MPEG or similar, you could use FFmpegX, an OpenSource video/audio utility. that does take a bit of getting used to - but there's tutorials available and great help on their forums.
but really - the first question you need to ask yourself is - what format do you want to compress the DVD's into?