I generally rip the movie using DVDFab free version, then use Vob2mpg to convert to an MPG file, then transfer it over to my tivo and I can watch/pause/etc as much as I want, easily.
When I'm done with it, delete.
I generally don't watch movies over and over, so I don't really keep any ripped movies for long.
And for my daughter, even though we own the dvd's, I rip them to TIVO so she can easily pick, watch/pause them without having to mess with the disks. a 320gb drive in a TIVO series 2 is a wonderfull thing (though I'm getting to a point where I'm +really+ eyeballing a Tivo HD and upgrading to 2 2tb drives....