ALZip is what most people need. It's simple to use and intuitive. It's far easier than WinRar or 7zip. However, it lacks the configuration that you can get with those more complex tools. If you really need all those options, then ALZip isn't for you.
I've had a look at the new 8.0 beta, and they've removed some options in favor of a simpler and easier interface. e.g. The speed extractor is now simpler. (Incidentally, I designed the speed extractor.
) The most interesting thing is the new EGG compression format as it has smart compression for different file types, e.g. JPEG vs. PNG vs. BMP all benefit from different compression types. It also does solid compression now, which is very nice.
Now, if the development road map is still relatively the same as when I was there, v8.0 will be ported to OS X and Linux as well. Not sure though as I've not asked about that.