7-zip is what I use. Fast, small, efficient, can make sfx, 64-bit zips, doesn't include kitchen sink :)
Only creates 7z, tar and zip but can read most other formats. I'm not a zip "power user" so sfx options and such aren't really what I look for. 4.26 beta FINALLY supports right-click drag-n-drop. You should have SEEN the forum discussions about this one simple function that wasn't included because the Author claimed to never use it. Some guy even wrote a patch for ver. 4.13 to force right-click d-n-d. Arguments for it went from 'it's convenient' to 'every other zip app in the universe does it, so get with the program'. Arguments against it went from 'I don't use d-n-d' (author) to 'I'd rather have killer compression ratios and expanded compression formats support before I boo-hoo about drag-n-drop'.
Anyways, great zip app.

I was just gonna say that!

I can't remember (my hd is toast so I'm posting this from Slax, so no poking around Powerpro) but I think you can define "hotspots" (which would do for 'mouse position launching')and if you use your Powerpro as a launcher bar, you can set it to switch bar configs on switch of virtual desktop. Configing Powerpro is a bit of a bear, but go ahead, read the help file and good luck.