If you want to save physical space, you can rip them all and store them on a drive that's smaller then the DVD player you use to play your DVDs. That's what I do.
The DVDs actually doesn't take up a ton of space. What we did was buying the cheapest version of a movie and just throw away the cover. You can get DVD/BluRay binders that will hold 200 - 400 discs in the space of a few large books.
I find ripping movies a little tiresome. Getting the quality, sound and subtitles right can be challenging.
