I also just discovered a different ripping product called MovieRescuer (
http://www.videohelp.com/tools/MovieRescuer. It rips a DVD into a single VOB file, and a Blu-ray into M2TS, with the entire video and audio structure intact. My Sony players play the M2TS natively, with full selection of multiple audio and/or caption tracks. I believe (but haven't tested yet) that they will play the VOB file without transcoding as well.
I'm with you about library size. I have over 600 movie titles, and well over 1000 TV series episodes, so I'm not going to be re-ripping everything. I am going to slowly re-do my BD discs, but there's only a couple dozen of those, and it's worth it for me to retain the HD audio and be able to select captions.
When I last replacing my media players, I checked for native MKV support, since that's what almost everything I have is ripped into. The BD players seem to support it better than the stand-alone boxes (such as the Roku). Even though Roku supports MKV, they don't support HD audio, even as a passthrough.