Currently I use RipIt or MakeMkv to rip DVD/BluRay discs. Then I encode with Handbrake ant tag with Identify. Then I import into iTunes for streaming to Apple TV or loading onto iDevices for travel. This leaves me with DVD media files from the rip, mp4, and copy in iTunes. Needless to say, HD space is filling up fast. Would there ever be reason to save previous versions once rips finally into iTunes?