I used to use it, but it hasn't worked for me with some of the newer "structure corruption" protection; http://www.videohelp.com/tools/FixVTS (free and tiny) as an additional step has usually fixed those, at the expense of some extra time.

Alternatively, DVDFab Decrypter (which is free, but has some nagware to upsell you to the paid version) tends to be updated for all of those annoyances. I moved to using it ages ago; the paid version also does a nice job of DVD9 to DVD5 conversions, and a so-so job of ripping to MP4/MKV.

For the basic "DVD decrypt to a folder" functionality, yes. (not sure about BluRay)
All the other functionality is paid -- shrinking, transcoding, etc.

As a source of decrypted folders to feed into Handbrake or RipBot264 or DVDShrink, it's good enough in the free mode (on DVDs; not sure about BD.)

I still ended up paying for it; the ability to do transcoding to DVD5/BD5 in a single step was really nice when I was still dealing with physical disks. I'm not sure if I'd bother today -- disk space is so cheap that for my ongoing project to backup all my old DVDs I just put the full DVD9 image on hard drive, and for the occasional BD I buy, the quality out of RipBot (or Handbrake) is so much better that I don't use DVDFab (and another jump in disk space will probably see me go back and start doing full-size backups.)