Winzip has almost become ubiquitous as the Swiss Army Knife of archive app's on Windows and although I've tried a few shareware alternatives, you'll probably need to collect quite a few apps to get the same range of features as included in Winzip. However ubiquity doesn't guarantee quality and when Windows now has basic zip functions built-in it's harder for Winzip to justify its price.
The new 'ribbon' style user-interface was not for me, it looks confused and unintuitive - luckily you can switch back to the former, clearer UI in preferences and this has the added benefit of hiding more of the 'Pro' level feature buttons which you can't actually use without paying for the Pro version. Winzip integrates nicely into Explorer with useful 'Add to archive' commands embedded into contextual menus and works well when opening or creating your archives. There are moments when it tries to be too helpful, for example if you have the first section of a multi-part archive and want to check its contents before downloading the rest - you can't, because Winzip will helpfully inform you it needs the whole thing before accessing any part of it. Other less-helpful archive app's are, ironically, more helpful in this instance.
When shareware and freeware apps, together with Window's inbuilt functionality, can offer similar features at lower cost I find Winzip's current pricing really too high. However, even if it's not quite the must-have software it might have once been, Winzip's still a capable and worthwhile tool for your Windows toolbox.