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The main features of 7-Zip:

* High compression ratio in new 7z format with LZMA compression
* 7-Zip is free software distributed under the GNU LGPL
* Supported formats:
o Packing / unpacking: 7z, ZIP, GZIP, BZIP2 and TAR
o Unpacking only: RAR, CAB, ARJ, LZH, CHM, Z, CPIO, RPM and DEB
* For ZIP and GZIP formats 7-Zip provides compression ratio that is 2-10 % better than ratio provided by PKZip and WinZip
* Self-extracting capability for 7z format
* Integration with Windows Shell
* Powerful File Manager
* Powerful command line version
* Plugin for FAR Manager
* Localizations for 63 languages

Changelog:

# ISO and NSIS support
# Speed optimizations

Homepage:
here