I use DVDFab to rip the Blu-Ray files to the hard drive (full, untouched BD50s, no recompressing or anything), then I make an MKV out of the video and demux the audio into mono WAV files (that part’s more for editing purposes than color correction purposes). I make a simple Avisynth script to open the movie-only MKV in VirtualDub, then use VirtualDub to render out an AVI in the lossless Lagarith codec. This Lagarith AVI is what I load into my editing program to work with.
I don’t recommend the Handbrake route, as that will result in a lossy video stream in h264, which isn’t great for editing/color correcting purposes due to the way the codec works (h264 doesn’t contain every frame as its own image as I understand it).
There’ll be more detailed info in the “how-to’s” section of the forum (to where this thread should probably be moved), and some nice detailed guides at the fanedit.org forums, too.
I do seem to have an issue with either the VirtualDub or audio side of things where the audio tracks end up slightly off sync-wise (either VD cuts off some frames at the beginning of the video or something else is happening with the audio), but these problems are deal-with-able in Premiere for me (as long as I can find a good sync spot - I would like to get that issue sorted out before I tackle anything big again).