High-quality MP4 files are easier to archive. They don't suffer from the "artifacting" (blocky pixels) common in heavily compressed streaming videos.
: This term refers to a type of video rip (copy) that is captured from a high-definition source. It's not a master copy but is of high quality, suggesting that it's a good, if not near-optimal, version of the video in terms of picture quality.
These refer to the video quality. An HDRip is a file transcoded from a high-definition source, and 1080p indicates a resolution of 1920x1080 pixels (Full HD).