MakeMKV is a video converter, ripper, and streamer all in one. It can rip your DVD movies or Bluray movies into MKV files. MKV is an open-source container with support for several features. Thus, MakeMKV can rip your entire DVD to a single video file which will contain all the features found in the original movie. For example, it can hold limitless chapters and titles, subtitle and audio tracks, video tracks and angles, director commentary, etc. And unlike other rippers, it only outputs a single .mkv file.
There are some other, more advanced features. MakeMKV can stream video via an HTTP server. When you open a DVD, or a Bluray, or a video file with the application, you can simply start streaming it. Any player capable of playing web streams can tap into the stream.
I haven't seen any quality settings, so I take it that MKVs are made with the highest quality possible. Graphically, the application resembles DVD Decrypter or Imgburn. It has a very clean interface and it is pretty easy to follow. There are icons for the 3 main operations, and more advanced options can be accessed from within the menus.
MakeMKV is currently in beta status, and it is claimed to remain a free product for now. I take it they plan to start charging for certain features.