I was discussing this topic on IRC recently. At the time I wasn't aware of any applications that performed this task. So I was of no help to my fellow chatter. Since then I've asked more widely and come up with the following list.
As I understand it, these programs would be illegal to use in the USA, because of the DMCA, as well as being illegal in many parts of the EU, depending how member states interpret the EU copyright Directive, but by the same token, I assume they're perfectly legal to use in countries like India and New Zealand. I'd be interested if anyone can correct me on these assumptions.
Personally, I won't buy Blu-Ray films, precisely because I can't copy them. If I can't make back ups, then I don't really own them and I've never believed in renting. It's dead money, as they say.