I don't think it's an excellent job, not for the time being. Yeah, it was a good solution one year ago, but not for now.
7 steps with 5 apps- that's not what you really want.
I just don't see why it should be so complicated. I know some app that does BD to MKV conversion in 2 steps- with subtitles included, of course.
One is MakeMKV - it copy BD and DVD to MKV without change anything. 3 clicks at most.
The other is Pavtube ByteCopy - it does what MakeMKV does and also shrink Blu-ray and DVD. 2 clicks for BD to MKV conversion, one for importing BD, one exporting MKV.
Both of the two app allow you to keep the subtitles you want. but there is a problem as I tested- the WD TV Live Plus does not play blu-ray subtitles in MKV container. And that's why I purchased the Pavtube ByteCopy- it converts bd subtitles to vobsub, and this plays well.
MKV is not the only way for playing BD with WD TV Live Plus- I tried everyway possible, BDMV, BD ISO, M2TS, and BD MKV. Actually the device plays all of them. And the problems:
BDMV (M2TS) - each time open a new m2ts, it gets back to beginning
BD ISO - can't forward, or select chapter to play BD MKV - subtitles not display, but I managed to fixed this without hurting video and audio quality
I'll make it clearer with detailed steps in a new post, tomorrow or the day after.