G
Grador
Audioholic Field Marshall
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.Most people are using Handbrake to shrink down the movie so the can either conserve HD space or for use on their portable devices.
I rip all my movies and music full bit rate/depth. So now you have seen this used at least a single time
Storage is DIRT CHEAP.
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.