Its first version was released in 1991 I was not even born at that time. Well! This is best compression tool for all popular formats with some extra features. It is shareware and not freeware. It is available in two editions one is pro and other is standard. The cost of pro edition is $49.95 and of standard edition is $29.95.
It is large in file size because it is not only compression tool it is lot more. It can share your files directly to some social networks (i.e. Facebook and twitter etc) or you can store them on some cloud storage services like Google Drive and Skydrive. You can decompress files directly from cloud storage. You can configure it to convert your documents like .doc, .docx, .xls or .xlsx to PDF format. You can convert text files to different image formats and can also place your watermark over them.
Especially this is optimized for decompressing ZIP, LHA, 7Z, ISO, RAR and ZIPX files. It supports Google drive and Skydrive and also multiple accounts. It can encrypt your data or any file that you want using AES algorithm 256-bit or 128-bit. This is best encryption as this is being used by US government also. Winzip call this banking level encryption.
This also scans files for performance issues. You can make self extracting achieves that could be extracted without any need of Winzip or any other software.