Same here for BD - wanted a dvd for the kids room (they don't have HD lol) and a portable copy for their media player. I'm certainly not going to pay another $20 when I already paid $35 for the BD version.
I bought ConvertXtoDVD 3.0 from VSO - you can open the movie file (.m2ts - it will be the biggest one in the stream folder) and create a dvd directly from that (obviously you want to do that from a rip or ISO mount - it takes longer directly from the disk). Cost $30 with the spring08 coupon code - well worth it. It creates a complete dvd structure so if you want to create a portable file, you can just open that in CloneDvdMobile. I have used it succesfully on BD+ also after AnyDvd HD magic removal
BTW Super (the C is a copyright symbol) is a video converter GUI which can handle almost any file format - but it will NOT handle .m2ts BD files (pops up a warning that HDTV format is not allowed - see website). It was the first thing I tried before I found ConvertXtoDVD 3.
I understand there are some BD titles that are insanely interleaved that have to be put into one .m2ts file with TSMuxer (some Disney/Fox titles?) but I haven't come across one yet. The only Disney BD I have done this with is Bridge to Terabithia and that had the normal structure (biggest .m2ts was the complete movie).
I have a Core 2 Duo E4500 @ 2.7GHz with 2MB PC-6400 @ 800MHz on an XFX 680i LT M/B and I can process a complete BD movie at up to 1.6x (so a 1.6 hour movie is done in 1 hour) - I burn to Verbatim 8x DL (made in Singapore - I snagged 100 at 75cents each
in a Best Buy sale) so I use DVD-9 setting and get maximum DVD spec bitrate ~9Mbps and can select audio and subtitles (presentation graphics) that I want (I just keep the AC3 stream). Obviously the portable file is much quicker - ~25 minutes from the resulting dvd.
I don't think there is a BD -> portable solution - but I prefer this one as I get a proper dvd for the kids room player as well. Kills two birds with one stone, so to speak!
http://www.vso-software.fr/support.php - if you use the trial be warned that the output dvd will have a huge "watermark" every 5 seconds.
This software is my best investment as far as making BD useable (outside my BD drive) since AnyDvd HD and completes the set, so to speak (I own all the other Elby/Slysoft products as well).
Next step for me is to try the HD-DVD "shrink" method in the Sticky Threads to do the same thing - especially as the HD-DVD disks are now available for less than $10 at amazon.com
I also intend to convert all my BD with TSRemux to make a BD disk structure keeping only the main movie / AC3 / DTS stream so that I can watch off the PC hard drive without having to load the originals. This can save ~50% space (who cares about watching extras again) and keep the full HD resolution (you need PDVD < 3516 to watch movie file from hdd).