I'm not aware of any 1 app solution, but this is how I do it:
1.) Decrypt dvd using DVDBackup
2.) Compress using DVD2oneX
3.) Burn using Toast
The first two apps are free from
www.versiontracker.com. Toast is retail and must be purchased. However, it is possible to use disc utility to burn the DVD if you follow the instructions in DVD2oneX closely. The entire process takes me about 40 minutes.