Toast 8, if you can get it cheap, is a good app. One nice thing about it is that it plays nice with a lot of other related apps, like EyeTV, for example. One of the things the Toast people have done well is integration. While some of these things could easily be done with freeware like handbrake and MactheRipper, the workflows are all automated and pretty much make things a single click job.
I agree with the earlier poster about the additional cost of Toast 9. I looked it over pretty cerefully, and other than the BluRay and HDDVD capabilities, there wasn't anything (else) significant enough to justify the upgrade or cost, IMHO.
I have some of the freeware apps mentioned above, but I still use Toast to export things to H.264 for my iPod, for example, just for the convenience factor. Toast also allows you to change the configuration so that you can tweak things to your liking and still have the ability of doing a single click to get what you want.
MacDann