Maximum PC

I just built a new system, and installed a Bluray burner - LG WH12LS30 - http://www.newegg.com/Product/Product.aspx?Item=N82E16827136226 as well as a DVD burner - Lite On IHAS424 - http://www.amazon.com/gp/product/B002SIMPXM!

My OS is Win 7 - Home Premium 64 bit!

I have a 3 question about playing Bluray media - unfortunately windows for whatever reason has chosen not to support blu ray media in their Media Player, which is a shame! Tried VLC and they also does not support it, yet! So I right now use Power DVD 11 - trail version to play Blu Ray media, but I really don't want to spend another $30 bucks on software to play Blu ray's when the trial expires.

Q 1) Hence are there any free Blu Ray media players out there or codec's I can install to make it play on any of my existing players!

Q 2) Also for Blu Ray ripping software - are there any free rippers available that can rip Blu-ray's? I use Handbrake for my DVD's and it is excellent, but it doesn't recognize Blu Ray discs!

Q 3) What is the best format to convert DVD's to - high quality is what I'm looking for, conversion time and size, I'm not so particular about, I don't convert a lot, but when I do, I'd like to retain the highest quality possible! I use Format Factory for these format conversions!

I also have format factory and Nero 9 essentials installed! I read elsewhere that the Media Player Classic:Home Cinema -http://mpc-hc.sourceforge.net/ does support Blu ray's haven't tried it yet, does any one know whether it does for sure, nothing about Blu-ray is mentioned on their site?

Any suggestions or advice on these are welcome! Thanks in advance!