I just created an Archive with WinRAR and 7-Zip, both compressing to ZIP as it is the most popular. Here are the results.
Folder/File Details:
Size: 6.17 MB (6,474,244 bytes)
Size on disk: 6.28 MB (6,594,560 bytes)
Contains: 51 Files, 14 Folders
7-Zip:
Compression: Ultra
Time: 29 Seconds
Size: 1.73MB
WinRAR:
Compression: Best
Time: 3 Seconds
Size: 1.85MB
While 7-Zip does get you a lightly smaller file size size, I would prefer the extra size than to wait the extra 26 Seconds. As you can see it is not a great deal of stuff I am trying to compress so I would not be to keen on compressing a lot of stuff with 7-Zip.
Unpacking they are pretty much the same. I have a large ISO file here I will test that in a few mins.