WD TV Live HD

I just purchased two of these media players and was wondering if anyone had any advice. I will be backing all my BD to a HD and streaming them on my private network. What is going to be the best process for converting BD to stream? Can I just rip the BD using the Main movie option and then play it or will i need to convert it some way? Hard drive space is not an issue so size does not matter? It's all about quality for me! I've been using the PS3 to view my backups over the network but thougth this might be better, do to the limitations of the PS3 be able to only play certin type of video and audio files. Any input would be great.

thanks
jay

ps. I used the search option for WD TV LIVE and the results were weak.

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