I have been using Handbrake for years and my comparisons are based on this.
All encodings based on built-in Apple TV settings and run on a MAC.
First impressions:
While it appears more versatile, it does require a bit more understanding of what you are trying to do than Handbrake. I have always been happy with just using Handbrakes basic settings with no tweaking to rip a DVD. WinX DVD Ripper required a little tweaking to get it just where I liked it but this was easily accomplished and the online/built-in help was actually helpful.
For a quick and basic rip I would still tend to recommend Handbrake based mainly on it being free and open source. However, for anyone wanting to do more than the basic and requiring guidance on how to adjust and set things up, I think is a worthwhile purchase. I am looking forward to playing with it more and seeing just what it can do.
Summary:
Quality of resulting video - to my eyes, slightly better.
Speed - slower.
Ease of use - equal.
Number of options - for basic encoding they are about equal. For additional options this product has several more options.