If you're looking for one tool that can handle a myriad of compression methods, from RAR and ZIP to TAR and TGZ and nearly 30 other formats, ALZip just might be for you. In fact, archive format support is ALZip's forte. It'll even open ISO and other CD images. All the usual archive application options are here, as well: context menu additions, password protections, virus scanner integration, and assistance in creating self-extracting archives.
The interface looks modern and is well-designed, with archive contents displayed as icons, in a list, or in a detailed spreadsheet-style grid. There are 14 criteria by which you can sort files, the program supports 21 languages, there's a test function to make sure the archive works, and you can save in eight formats. Some people will most likely not be impressed by the bird-egg icons, but I thought they were a subtle way to differentiate the app from its competitors.
This program leaves a slightly larger footprint than WinZip, but since we're talking about a difference of 2MB I think it's worth giving ALZip a chance to fly.