How long are you guys finding it takes to convert a typical DVD?
The speed depends greatly on the computer you use. DVD Catalyst is multi-core capable, and can use as many cores as your computer might have.
If you use a computer with a celeron or a turion processor, it might take 2 hours for a 2 hour movie (or with the HQ proifile even longer) but if you use a Dual Core system, it cuts it in more than half. If you use a Quad Core, it usually doesn't take longer than 30 minutes for a 2 hour movie. One user of DVD Catalyst, using the HTC Touch HD2 HQ (which is nearly the same as the Droid HQ profile) uses a dual Quad Core Xeon system (8 Cores !), and gets about 15 minutes for 2 hours of video.
Besides processor speed, the DVD drive speed, harddrive speed and if you are doing anything else with your computer at the same time all play a part as well.
The profiles for the Droid in DVD Catalyst use H264 as the video format, which provides the best quality. The Droid can also play "Generic MPEG4", which DVD Catalyst can also do, but produces lower quality, but considerably faster conversions.
To use this instead, click on "Modify" in DVD Catalyst, and change the conversion format from h264_ipod to mpeg4_ipod. I do suggest to use at least 1500kbps for the quality with that format, but expect quality to be less.
In short, quality is directly connected to speed.