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Why bother ?
If you have the DVD version then you will get the same quality in about a tenth the time converting from that. And that quality will be pretty low. Transformers is too long to fit into a 700 MB file without it looking like crap.
That said, if you must, something like clown_BD to a transport stream, the Xvid4PSP to an AVI file. With a lot of waiting thrown in for good measure.Read my blog here.
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