It's not dangerous ground -- no different than ripping CDs to iTunes.
You don't need to convince me, but some of the publishers consider one a pirate for ripping discs one has purchased. But my favorite reason for using a file-based media center:
Ya know its kinda funny, never dawned on me before, but we don't get those stupid FBI warnings on digital purchases. Or are we forced into watching trailers before the main program.
I do believe with unskippable/non-fastforward trailers, etc., you can press "stop." Hit "stop" again, then "play" and you'll jump right into the main feature.