As most of you I have used WinRar and WinZip and even WinAce and to be honest they are very good programs and they do very good there job. However I think I have found something better (at least for me). It is called 7-zip and is a free software (under GPL license) and it supports the following formats 7z, ZIP, CAB, RAR, ARJ, LZH, CHM, GZIP, BZIP2, Z, TAR, CPIO, RPM and DEB (I did not try all of those but the ones that I tried worked flawlessly).
I found about 7-zip after encountering its format "7z" in Foobar2000 add-ons. I had to uncompress the file in the Foobar installation folder and I googled ".7z" on the internet (From What I heard the new foobar versions can independently uncompress 7z files but I did not tested this feature yet). The reason I prefer it over the other solutions is the fact that 7-zip is very lightweighted, it supports the most used comperssion formats and introduced a format of its one - ".7z". The new 7z format, although not a very spread format generally provides better compression when compared with the old formats. I know nowadays compression is not used at the scale it was used 10 years ago but there are still people that need that don't have a broadband connection or need to transfer some files via the old floppy disk and I recommend this software to them.
I recommended it to the rest of you too mainly because 7-zip is a free and capable solution and an improvement of 30-50% in compression ratio might prove useful for anyone.
If you want to download this software click here.