I just got a NAS so I'm looking to rip my DVDs (movies and tv shows) and store them. Here's what I would like:
1. Files that the PS3 can play
2. Ability to display subtitles/captions, whether it's selectable or always on and PS3 can display them

What would be the easiest way to do this?

You can rip your movies to DivX files (.divx) and use their XSub subtitles. I've been testing this recently and am happy to see that it works.

Cool thanks. Any recommended programs?

I would say AutoGK to convert to XviD or DivX. Then you need another program to convert the .avi & subtitle files into a .divx file.

I've recently been using AviAddXSub but it doesn't seem to work 100% with files over 2 GB (I think >2 GB is the problem). There's also DivXMuxGUI and Sub2DivX.

Thanks. I tried DVD Fab Platinum which can convert into divx/xvid with hard sub or output .idx and .sub files. Then I used AviAddXSub. Easy two-step process.

That's cool. I've thought about buying the Platinum version but have stuck with the free version plus MeGUI and AutoGK so far.

Sony really needs to get soft subtitles working for .mp4 AVC files. And xvid/divx in .mp4 files too!