I downloaded and played with version 1.0.1 for a couple hours. It does some interesting things. For instance, it ignored the copy protection on a couple commercial DVDs I tested, extracting their chapters the same as if they were one of my personal DVDs (I didn't try a whole DVD).

Hawkeye requires the existing video to be DVD-compliant MPEG 2 so this isn't for encoding MPEG2 from other kinds of video files. It can requantize video so you can fit more to a disc (such as using DVD2OneX or Popcorn). It also can burn discs or create disc images for burning with Toast or Disk Utility. When I selected one of Hawkeye's disc images (that contained some chapters from a commercial DVD) in Toast's Copy window, a message appeared reporting that the video was copy protected. But then Toast went ahead and mounted and burned the disc image without problem. So I don't know what is up with that.

Except for the commercial disc ripping and the different way it lets you create menus I'm not certain why someone would choose to use Hawkeye instead Toast 7. But it's easy to download and give it a try. The Help menu could be a better tutorial than it is so you'll spend some time trying to figure out how it all comes together.

If you do choose to save a disc image be sure to create an empty folder for it in the Save dialog box. Otherwise it will place everything on the hard drive at the same level where you are saving the disc image (the default was the Documents folder) inside the disc image file. That was a shock to see my entire Documents folder copied inside the disc image! I don't know if this is fixed in version 1.0.2.