I'm with Carl.
DVD=folder, BD=ISO (using the free Virtual Clone Drive). I rip DVD's with MyMovies and rip ISO's with
AnyDVD*'s inbuilt ripper. I started with PowerDVD as the player and then bought TMT and have standardised on TMT, which has been trouble-free. PowerDVD was not, on my system at least.
The MyMovies bluray experience and DVD experience is similar but not identical. Choose the movie. Play it. The DVD opens in MediaCentre whereas with an iso VCD mounts it as a drive (invisibly to the user) and TMT plays it via an integrated plugin to Media Centre. All automagically.
Note that
anydvd* has quite a few options to aid in playing BD's/iso, including a new speedmenu function to make launching the movie much faster. It's a cool feature if you don't want all the BD title menu interactions etc. that can be painful to navigate through. Speedmenu makes launching BD's as fast as launching DVDs.
By far the hardest part (in my opinion) is getting smooth, drop-frame-free 23.976hz playback of BD's. So hard for me that I play back everything at 60hz (DVD's and BD's) since I find that better than the irritation of dropped frames. I'm not even sure that reliable, perfect, set-and-forget 23.976 playback is even possible with today's hardware.
Robin
* Installing and/or using AnyDVD is illegal in some countries. Users are themselves responsible for complying with local law when installing and using AnyDVD.