Pretty much. Which is great because, as far as I know, there are few other media players that will play a BD without the contents being ripped first.
However, in case you don't know, MC does not support BD-J and, by extension, BD menus any more than any other player does (in fact, as far as I can gather, there are currently no software PC media players that can do so). It can do the next best thing, which is title selection, but since most disc titles are named quite generically (title 1, title 2, etc), it can be difficult to navigate to what you actually want to view (though MC will typically play the feature film automatically). That being said, the best option probably IS ripping. If you're willing to go that route, get DVDFab. It performs many of the same unlocking functions as AnyDVD while also allowing you to perform customised, 1:1 rips of BD's (as well as DVD's) to folder structure (though you can re-encode to a variety of containers as well), which MC understands pretty much perfectly.
