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Need help choosing correct software and correct compression format for HD movies

Hi everyone!

I need help choosing correct software and correct compression for HD movies.

Here in the USA, we can freely and legally record HD movies directly off the airwaves right onto our hard drives.  The only problem with this is some HD movies take up to 20 GB per movie!

Here's my challenge:

I would like to take some of these movies and compress them into a format where we do not lose massive amount of quality.  The mail purpose for this is so I can upload some of these movies to my wife's new Tablet computer.

Anyone have any suggestions?

Here is a couple of ideas that came to my mind:

Use either Pinnacle Ultimate v.15 or Corel VideoStudio Pro X4 [I have both software programs], and see what formats they offer, then convert all movie files to a format that can compress the files into smaller storage files.

Ok, can anyone help out on this?

AMD 1055T
XFX 6870 DD
Corsair Vengeance 1600 16GB
OCZ ZX-850 Watt Gold
HAF 932

Intel i5-3570
ASRock Z77 Extreme4
GeForce 560Ti
OCZ ZX-850 Watt Gold
Corsair Vengeance 1600 16GB

Both Systems:

Windows 7+10
Scythe Temp Monitor + Fan Controller