7zip is better for you if you want to use it for some personal type purposes like for making archives for sharing. 7zip support all major formats but its default format is .7z that can give you maximum compression. It also adds context menu that can help you for making or extracting files by just right click over them.
It is fast, easy to use and reliable and you can use this for making compressed files for free. Its interface looks outdated and old but it can give you good compression for compressing files. 7zip can make achieves in three formats 7z, TAR and ZIP. It is opensource but still some people don't know about this.
If you are going to use this for professional purpose then I suggest you to try out Winzip or Winrar as Winrar and Winzip have too much professorial features. If you are going to buy Winzip or Winrar then give Winzip a try (Read: Winzip review). But 7zip is best for personal purposes. If you are confused about which to use then try out all of these because Winzip and Winrar are giving trial and 7zip is free.