I probably use this at least 2 times a day. It will decompress/compress any type of file .tar, .gz, .zip, .rar, .7z to name just a few of them. I almost always use it via the context menu as it is easy to get to. The application also will .zip a file at a higher compression then Windows can and is super lean and quick. There are also a host of settings that you can play with when you are creating the compressed archive. As I said this application is a must have.
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I’ve been using 7Zip for a short while now. It’s much, much faster at decompressing than the built-in Windows zip utility.