Ranked in these QuestionsQuestion Ranking
Pro Great, easy to use presets
There are presets for everything, so you don't have to delve deep in to advanced features if you don't want or need to. And in most cases you won't have to because the presets are great.
Pro Advanced features
Although HandBrake is pretty straightforward to use, you can adjust pretty much any aspect of your conversion if necessary. For example, when transcoding video you have the option of adjusting between constant and variable framerate, adjusting average bitrate and constant quality, having 2-pass encoding or not, as well as tinkering with encoder specific options, and many, many, many more options.
Since version 0.9.9. HandBrake has been very fast.
Pro Wide range of formats and multiple media types supported
HandBrake can handle DVDs, Blu-Rays, .mp4, .mkv, H.264(x264), MPEG-4, MPEG-2, AAC, MP3, FLAC, AC3, Vorbis, AC-3, DTS and DTS-HD among others.
Pro Often works when dumping archiving disc to hard drive methods do not
Pro Encoding options are comprehensive but easy to use up front
The GUI makes it easy to encode by providing profiles and a simple GUI, but offers extensive encoding options for people willing to learn and spend time experimenting.
Pro Free and open source
HandBrake is licensed under GPL.
Pro Good metadata support
HandBrake can pull, use and edit metadata.
It is designed to convert, no added bloat.
Pro Command Line Interface option
HandBrake works on Windows, Linux and OS X.
Con Supports only two containers
You can output only .mp4 and .mkv.
Con There is no way to preserve menus and special features
Menus and special features will typically not be included in the output from a handbrake encode. Third party software would need to be used.
Con Not for 1:1 archiving or true backup use
Most uses of Handbrake are lossy, lossless is possible but it usually entails crazy huge file sizes.