Avidemux allows you to save in many formats (.flv, .mp4, .mlv, .avi, .mpeg, and others) , you can crop out those annoying black bars, change resolutions, crop, edit color, and other options.
It can be slow, if you are doing alot of changes, but that is more on how fast your computer is (bigger, faster cpu is noticably faster on the save),
If you are just 'commercial cutting' and not changing anything else, copy generally is pretty quick (4 gb file in 4 - 5 minutes on a dual core laptop, 2 -3 on newer quad core lappie).
Changing file types can take hours, depends on what you start with and what you are trying to do.
For the prce, you can't go wrong.
Handbrake is excellent for copying DVD to file, but that also can be quite time consuming. 2 hour movie to .mp4 on old single core desktop 5 to 6 hours, 3 - 4 hours on dual core lappie.
Tom
Medical reasons took us off the road
98 GMC 2500
RBW Lil Rocker 15K
08 Flagstaff 8526 RLS