That's not using H.264 losslessly, you're simply ripping the video that was already endoded with lossy H.264, and not adding further loss by reencoding. A lossless video codec would be something that has bit-perfect pixel information as it comes off the camera, same as FLAC from PCM.
Edit to give reference for the enormity of compression going on: for 1080P video with 32 bit colour depth coming off a camera uncompressed you're talking about around 200 MB/s.
When I rip a BD title (Ironman, Transformers, Tron Legacy) full bore, if it's 'lossy' it's because whatever is on the BD is 'lossy'.
I have no idea what resolution the movie is shot in or what resolution computer rendering is done in. For all I know what is coming off the BD could be 'lossy' compared to the master at the studio.
If you want to go there then CD's (PCM) are most likely 'lossy'. If the engineer recorded in anything higher than 16/44.1 then the PCM on the CD is 'lossy'
H.264 ≠ Lossy. You can INDEED do full bitrate with H.264. Please keep in mind I'm not making a semantics argument.