Top software, i have been using it for years, and it has only let me down once with the DaVinci Code. There is something strange about that dvd!
In answer to the question from REDCRX, no this software cannot shrink a dvd down to 700MB to burn to a CD.
If you want to do this, there are several methods, depending on how you intend to play back the end product.
I wont go into every detail here because it will fill the whole page, and you will find it all in the guides section anyway.
The first step, riping the DVD to your Hard disk is common to any method, but due to changes in the Finnish Copyright Laws i think all references to this may have been removed from the guides, and also the best software, DVD Decrypter has gone. Basically this means you will need to use DVD Shrink to get the movie off the disk and remove the copy protection.
If you want to watch your content on a standard dvd player you need to create a VCD or SVCD. see guides for converting DVD to VCD.
If you want to watch your content on a PC you will get the best quality out of an MPEG4 codec like DivX or Xvid. You could also watch this on MPEG4 capable DVD players. see guides for converting DVD to MPEG4.
However, compressing down to 700MB is going to give fairly mediocre results, i used to do it before i got a DVD burner, and will take a good few hours of processing time, and multiple pieces of software. If you can i would suggest investing £20 (or $35) in a dvd burner, and go ahead and use DVD Shrink.