Best Video/Audio Codec for PS3/X360 streaming on 1080p 50"

Hey,

I have a Xbox 360 and PS3 and 1080p LCD 52”. I was hoping to catalog my movies in a certain format besides a 1:1 DVD rip, which takes up quite a bit of space. I was wondering which format is best for that and streaming via my game systems. x264 or something else? I don’t want picture or audio quality loss that’s noticeable on a 52 inch screen compared to the original format. Thanks.

Okay, maybe a more simple post could be better.

I want to choose a codec that will play on a 52 inch LCD with 720esque quality and hopefully more than 2 channel audio.