I believe DVDXcopy ("Gold" version and up) supports that feature. The Xpress version simply copies a movie to one DVD even if it wouldn't normally fit. It even removes the previews, menu, and other parts that don't directly relate to the movie itself. If the movie is really big, it will reduce the quality somewhat to allow it to still fit on one DVD though. The Gold or Platimum allows you to create VCD and SVCD AFAIK.
I am an avid DVD ripper. I rip about 3 DVDs per week. I swear by DVD2SVCD using the CCE SP 2.50 encoder. If you set the amount of time per CD you want and the size of the CD, it will automatically calculate the bitrate to make it fit on the number of CDs you select. I can fit a 2 hr 20 min vid on 2 CDs and with a 3-pass variable bitrate, it looks nearly as good as the orginal DVD, especially when viewed on a TV rather than a computer monitor. If you need more details, PM me.