It was always the practice for you to be able to rip CDs to MP3s, but that’s never been part of the plan for movies. (I do recommend RipIt for the Mac for that, btw.) I can’t see it happening, but I’d love to see Apple follow suit and let you rip DVDs to iTunes and then have them synced up with iTunes Match. Pop in a DVD you own, iTunes analyzes it and adds it to your iCloud locker for download anywhere else.
While I’m dreaming, I’d love a way to upgrade to an HD copy of a movie you’ve bought in standard definition. Oh, and for all the movie studios that don’t sell, only rent, their movies in HD to wake up.