I use both arcsoft TMT5 and mpc-hc players. I use arcsoft because it integrates well with WMC, and is easy for the woman to use.
However the picture quality on MPC-HC is far superior, especially if you install lavfilters and madvr. But MPC-HC isn't very good at seamless branching in BDMV folder structure, but it excels at reading MKVs. I'm slowly converting my BD rips from folder structure to MKV so I can eliminate TMT5 from my system.
As for ripping software, I have used combinations of anydvd, clownbd, clonedvd, and makemkv.