I know this might be a bit off topic but I thought I would try...because most folks here seem to have a lot of media management experience.

I have some DVDs ripped to ISO. HandBrake, and other tools, are available to "convert" those files.

ISOs take up space. Converted/compressed files take up less space.

Is there any reason to keep ISOs around after one has converted them and has access to relatively newer-ish equipment to play the converted files on?

What is a the preferred converted file type? Meaning - playing through Mezzmo, XBMC, VLC, Android smartphone, etc.

My motivation is to save hard drive space and be relatively safe in being able to view the converted file on almost all devices (and maybe with one extra conversion - double converted so to speak), with near-ISO quality.

To get that near-ISO quality, what must the conversion parameters be to succeed in reducing the file size by 50% (or more?)? I don't want to "fiddle" with every single ISO but have a parm set that mostly meets my needs for the typical stuff.

Thanks much,
John