A newer version of WinZip is available.
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Full user review
It still works. Not much better than the previous versions, though.
There are free utilities that can do exactly the same thing. I personaly use IZArc, it support at least fourty different formats including the popular ones like zip, rar, ace, tar, gz, 7zip, bzip, and iso. In short Winzip is nothing special, at least nothing that warrents purchasing it.