Once you've found a file archiver you're comfortable with, it's hard to switch to something else. First WinZip, then WinRAR and now most people are happy with 7-Zip. However, if you're willing to try something new, Bandizip is worth the effort.
If the "Bandi" name sounds familiar, it's probably because the developer is also responsible for the popular screen recording software Bandicam. While the full version of Bandicam is commercial, Bandizip is entirely free.
So, there's nothing necessarily wrong with 7-Zip, though Bandizip does give you one big reason to change -- it's updated more frequently. For example, it wasn't until very recently that 7-Zip gained support for the latest RAR format, while Bandizip's been able to handle it for a while.
It also has everything you'd expect from a modern archiver -- multi-core compression (reportedly better than 7-Zip's), the ability to handle all common formats including ZIP, RAR and 7Z and it even has a built-in image viewer.
If 7-Zip does everything you need -- no worries. But if you're looking for something kept more up-to-date, Bandizip is a great alternative.