Mostly to install this into my NVRAM, but also because there seems to be a shortage of quick instructions for this.
Using VLC Media Player (Windows, version 1.1.2 in my case)
Ctrl-S (streaming)
Disc tab, No Menus, adjust title/chapter if needed
_S_tream
Next
Add a destination file and optionally "Display Locally"
I added a custom profile, MPEG-PS, Video and audio codec "Keep Original"
Stream
This apparently builds a stream output string of ":sout=#file{dst=d:\\junk.ps} :no-sout-rtp-sap :no-sout-standard-sap :sout-keep"
Then rename the .ps to .mpeg or .mpg or whatever.
This runs faster than DVD-time (at least on my system) and doesn't appear to lose any quality, presumably since it doesn't re-code anything.
--Joe