Hey everyone, I think I found some great settings to convert with (for Handbrake):
I'm not sure about ripping straight from a DVD, but when you have a file (mine are 720/1080p .MKVs in 16:9), you can use these following settings:
Easy way: Select iPod legacy, change width to 848 (should turn box green automatically)
Exact Settings:
848x480 resolution, H.264 codec, 1500kbps avg bitrate, AAC 48KHz 160Kbps
Here's a sample I made yesterday, watch it on your Droid and your eyes will be pleased!
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It takes me ~45min to convert a full length movie with these settings. This is with a Ph. II X4 940 quad core at 3.7GHz. My guess is that if you have a quad core it will take roughly an hour, dual core, perhaps 2.
Let me know if these settings work for you!