36 minutes to convert a 1hr 51minute movie on my MacBook Pro using handbrake. Not bad at all, I'm not big on watching movies on my iPhone but I have a few musicals that will sound awesome on this.
On the version of Handbrake software that I use on my G5 iMac, it allows me to select presets for whatever media player. It has the iPhone, psp, ipod video, Appletv, etc.
It changes around the various file settings depending on which one you click.
However, I have not been able to rip a DVD in under 12 hours. I choose the iPhone setting everytime and it seems to work really well so far. The file sizes are all about 1GB. Is there another 'preset' setting that will play on the iPhone without losing quality or space and that WON'T take a full day to rip?